More on the Importance of Building Relationships
and Staying in Touch…

I often speak about the importance of being pro-active and here I go again! This past Thursday I attended the monthly Networking Café at Niagara College and listened to lawyer Joe McCallum’s 15 Minute Power Presentation on Legal Issues. He was incredible and it left us all wanting more!

One of the many valuable points that I related to was the importance of establishing and maintaining key professional relationships before a crisis arises.

Think about it, if a busy professional; a banker, a lawyer, an accountant, etc. receives a call from someone they don’t know who is in a real jam and needs immediate help, how likely is it that they are willing to put their established clientele aside to roll up their sleeves and get dirty?

Sure you might get lucky and hit them on a slow day but the chances are slim and it could end up costing you dearly.

So begin today! Identify who those professionals might be for your business and commit to introducing yourself to each of them over the next few weeks. I should also add the significance of stopping by to say hello from time to time. This is the number one rule in building strong relationships and I’ve blogged about it before.

Think of this as an extension of my “On-going Conversation” practice that I encourage you undertake with your customers. The last thing you want to do is show up at their door with a crisis in hand when you haven’t took the time to say hello and awkwardly they don’t remember your name.

This isn’t about “if it happens”… it’s about “when it happens”!

For more thoughts on strategic positioning and relationship building, check out my articles: “Success, with a Little Help from my Friends” and “Team Building, your Competitive Advantage” both found here on my website… Larry

#20. “Determine your Mission”

Using your “vision” for the company as a destination,
your Mission Statement articulates the performance and attitude that needs to be generated to get you there. A Mission Statement reflects the company’s values and priorities which determine how everyone will all act… and “react” in every aspect of their job.

While the vision itself can only come from the top, your Mission Statement should be a collaborative effort by everyone in the organization to assure buy-in and commitment across the board.

A Mission Statement is only effect when everyone shares your vision. By making your Mission Statement highly visible, it provides a constant reminder for owners, management and staff alike of what their purpose is and what the outcome of every decision should achieve.

Stop by again next Friday your weekly Business Builder. And for more on positioning yourself to succeed, check out my article: “Performance Under Pressure” found here on my website… Larry

The Small Forces Behind Tomorrow’s Big Changes
By Mark J. Penn with E. Kinney Zalesne

Ten years ago I couldn’t have imagined paying for the water that I drink but given the media coverage on the state of our drinking water and my growing concerns about my health, all that I drink today is bottled water. Times change!

Actually, time changes everything - constantly and in Microtrends, authors Penn and Zalesne suggest that the biggest trends are the microtrends - the smaller trends that often go unnoticed or are ignored but have a huge impact! They state that just one percent of the US population, or as few as 3 million people, can create new markets for a business, spark a social movement, or produce political change.

Among the 70 Microtrends identified in this book are “DIY Doctors” - us Do-It-Yourselfers who search the internet for information on what ails us, accessing alternative health care or using our doctor’s expertise to “manage ourselves” back to health… a big change from the days when we followed directions and asked no questions!

The examples provided seem endless. Microtrends goes on to identify the increasing number of “Old, New Dads” who are start a second family in their 50’s and the booming “How To” Industry that teaches us both high tech as well as low tech skills. For every high tech trend, there are low tech trends such as knitting and quilting which are million dollar industries today.

And what about the pet industry? “Pet Parents” are the growing number of people who are deciding to have pets rather than children making the pet industry one of the top ten retail categories today. In fact, 63% of US households have more pets than children and the spin off business opportunities are increasing every day.

Earlier I mentioned drinking water and the health trends but Microtrends also identifies the “Caffeine Craze” as equally significant. Beyond coffee which has become so high profile, the popularity and market dominance of energy drinks brimming with caffeine such as Red Bull is staggering.

As we work longer hours and take on greater responsibilities these energy drinks keep us going but this book also talks about a younger demographic, our children who spend so much more time unsupervised than we ever did and their growing ‘taste’ for caffeine.

I found Microtrends to provide an impressive and fascinating collection of information, data, statistics centered around the trends that both influence and mirror our behaviour.

If you are interested in marketing, Microtrends is a must read! Enjoy the audio clip below provided by Hachette Audio for a sample from the audio book version of Microtrends and judge for yourself.
microtrends.mp3

For more on recognizing opportunity, check out my articles: “The Inquisitive Marketer” and “Trendwatching, Recognizing Tomorrow’s Opportunities Today”, both found here on my website… Larry

Audio version published by Hachette Audio ISBN - 10: 1-60024-023-2
Print version published by Hachette Book Group (USA) ISBN - 13: 978-0-446-58096-6

Don’t Follow in the Wake of Others…

Attitude is so important in business today. The number of decisions that you make on a daily basis is staggering but one decision in particular stands out and directly defines your success. That decision is to lead rather than follow, to boldly place yourself on the cutting edge of your industry.

When you decide to be a leader in your field, you set the bar higher for yourself, you expect more of others, you shoulder greater risk and you choose to point yourself in a special direction, apart from the competition. And you can lead in a variety of ways including technology, innovation, communication, certification, quality of product & service, etc.

But you do your homework, you surround yourself with the best people & the right resources and while the risks are indeed greater than playing it safe, the many payoffs make it worthwhile.

Your decision to lead, rather than follow requires a tireless commitment but it makes life more exciting. It means being an initiator, setting the pace for others to follow, monitoring trends that affect your industry & your customers and being positioned to take advantage of opportunities as they come along.

Riding the wave definitely means more work and a greater commitment on your part but then again that’s probably how you saw yourself when you first decided to go into business… remember?

For more thoughts on strategic positioning and goal setting, check out a previous post: Anatomy of a Leader and my articles: “Attitude is Everything” and “Choose to Choose the High Road” both found here on my website… Larry

#19. “Document Your Vision”

When you document the vision that you have for your business you are actually creating a destination. Your vision articulates what your business will look like and how you see it operating when it is successful.

Your Vision Statement realistically describes how your company will function under ideal conditions as well as how you will react to the challenges you face.

It will not only reflect the types of products or services that you will provide, it will also outline the way you want to be perceived by your customers and the attitude necessary to achieve it.

In simple terms, your vision establishes the drumbeat that you will all march to and it positions you to create a Mission Statement which identifies how everyone will need to perform to achieve your vision.

Stop by again next Friday your weekly Business Builder. And for more on this ethical decision making, check out my article: “Mapping your Success” found here on my website… Larry

The first set of answers that come to mind for this common question probably include a quality product and service excellence but before a customer gives you the nod, you must pass a series of much more complex expectations.

Let’s explore Five Important Practices that attract customers and keep them coming back:

1. Understanding
Customers are complex beings and the one who gets their business will be the one who they feel connected to. Be the one who has done their homework and embraces them for both their best… and their worst qualities.

2. Attention
Every customer wants to be thought of as the most important thing in your day. That doesn’t mean to shadow them when they are “just looking” but it does mean to make them feel important. Hang up the phone, put down your pen, make them feel like the world has stopped and that nothing else matters.

3. Respect
Customers aren’t dumb. I mean, they were smart enough to find you. People love to buy but they hate to be sold. Respect a customer’s space and don’t be pushy. Listen carefully and react accordingly. In a competitive world, where so many alternatives exist, customers need to feel your respect.

4. Solutions
I’ve said it many times. Be the problem solver that they are looking for. They come to you because they have a problem. If you don’t have the solution, make sure you know someone who does to keep you in the loop.

5. Confidence
There is a degree of risk associated with transaction. Make sure you understand and communicate the advantages & benefits of choosing you and your company. We are all accountable to someone for the decisions we make and you have the power to make your customers feel good about their choices.

Discovering techniques that work is exciting, but you have a responsibility to share… what has been shared with you. And now is the time to start!

For more on improving your communication and service skills, check out my articles: “Develop a Winning Formula for your Competitive Advantage” and “Choose to Choose the High Road” both found here on my website… Larry

“Everyone” gets you No One!

When asked to define one’s market, a common and optimistic response that I get is often “Everyone!” I’m not sure if that is just the easy answer to a complex question to avoid having to elaborate or if they actually believe that they can successfully pursue “everyone” but regardless, the response is troubling.

Your ability to recognize the often subtle differences between potential customers will position you to more effectively deliver a unique message to each that relates to their particular situation and to push the emotional buttons that they will react to.

You may indeed have a product or service that everyone can use but each market segment is driven by a different set of circumstances that influence their behaviour and require their own special message.

Advertising is an investment and by recognizing & addressing even the most subtle differences in a customer’s circumstances you will find that prospects & customers alike suddenly seem to connect with you much more readily and feel that you “understand them” when so many others don’t.

What I am asking you to do as an advertiser is invest the time upfront to “target a specific market”. Like any worthwhile investment, it will take more time and effort but the payoff (their business) will make it all worthwhile when you better understand, embrace and respond to their differences in your advertising, promotion and one-on-one interaction.

From an advertising & promotion perspective, the goal is to deliver the right message… to the right people, using the right venue, at the right time and your open mind to what makes them different is the answer.

For more ideas on market segmentation and the importance of recognizing the subtle differences in customer needs & expectations, check out my articles: “Sell the Benefits” and “The Inquisitive Marketer” both found here on my website… Larry

#18. “Identify Your Role Models”

There are many factors that influence us as we shape ourselves as professionals. Certainly, the people that we choose to align ourselves with and the professionals that we do business with play an important role.

Last Friday’s Business Builder stressed the importance of the Ethical Guidelines that you choose to live & work by which is a direct extension of the people that you surround yourself with.

So choose your inner circle carefully, draw from the people whom you most admire to develop & improve your own leadership and management style that will win you the respect, trust & support of those you associate with personally and professionally.

Stop by again next Friday your weekly Business Builder. And for more on this ethical decision making, check out my article: “The Unique Roles of my Role Models” found here on my website… Larry

Test the “Six Degrees of Separation” Theory

Relationships are a key component to your business success and the influence that comes with a referral is powerful. Referrals work so well because they are based on familiarity and the established trust of others.

For the small business owner, having a Networking Strategy is essential but it can be a bit overwhelming to embark upon a campaign to connect with people in powerful positions when you feel so distanced from them.

This is where the Six Degrees of Separation theory comes into play.

You’ve probably heard (and used) the term “small world” when meeting someone who knows someone that you both have in common. But how small is small?

Six Degrees of Separation refers to the concept that everyone in the world can be linked through just six social ties. There is a book and movie and even a trivia game built around the concept which positions us to realize that important contacts are attainable if you simply make an effort to connect with people every day.

Numerous studies, such as Stanley Milgram’s “small world” experiment, have been conducted to measure this theory on connectedness. While the exact number of links between people differs depending on the population measured and the types of links used, it is generally found to be surprisingly small. Hence, the phrase “Six Degrees of Separation” is often used as a synonym for the “small world” theory.

To put the theory of “small world” and our “connectedness” to practice; the game “Six Degrees of Kevin Bacon” was created with the goal being to link any actor to Kevin Bacon through no more than six connections, where two actors are connected if they have appeared in a movie together.

For example, the “Bacon Number” of an actor or actress is the number of degrees of separation he or she has from actor Kevin Bacon, as defined by the game. The higher the “Bacon Number”, the further the actor’s connection to Kevin Bacon.

Here’s how the “Bacon Number” is calculated:
• If the lowest “Bacon Number” of any actor with whom X has appeared in a movie is N, X’s Bacon number is N + 1.
• Kevin Bacon himself has a Bacon number of 0.

Consider this example, using Elvis Presley:
• Elvis Presley was in Change of Habit (1969) with Edward Asner
• Edward Asner was in JFK (1991) with Kevin Bacon
Therefore Asner has a “Bacon Number” of 1, and Presley (who never appeared in a film with Bacon himself) has a “Bacon Number” of 2.

For additional examples of the Six Degrees of Separation, check out www.ubulu.com where you can see for yourself how the process works with other celebrities or take some time to examine the concept of Facebook which obviously is all about building a network of contacts through people we have in common.

It is indeed amazing how many people we can link ourselves to, the doors they will open for us and the benefits that come from these relationships when we take that important step to develop a Networking Strategy.

Facing your challenges and finding a way to win will always serve you well. For more on the importance of being proactive, check out my articles: “Success, With a Little Help from my Friends” and “Mapping your Success” both found here on my website… Larry

The Power of Working with Lists
Personally I am very big on writing things down. I find that a “To-Do” List helps me better envision everything that needs to be done, as well as what the end-product will look like.
With things itemized and “in my face”, I am less likely to get distracted!

I realize that working with a written list comes natural to me but for those of you who have never watched David Letterman (and his nightly ‘Top Ten’ List) or haven’t yet discovered the impact of lists, let’s consider the following:

Five Sad Reasons Why We Don’t Create Lists
1. You’re in denial! And you can’t deal with your workload
2. “I forgot” remains a valid excuse when things don’t get done
3. Creating a list of things to do… just seems like more work in itself
4. Maybe you don’t take your responsibilities seriously
5. You’ve got it all in your head so you don’t need to write it down

But if you understand the real benefits and the return on investment, maybe you will be inspired to make an effort and try using a List Strategy.

Top Ten Benefits to Using Lists
1. To organize your thoughts (you wear a lot of hats!)
2. To identify your priorities (and resources and deadlines and who is responsible)
3. To break overwhelming projects into smaller, less intimidating tasks
4. To assist you in measuring your progress (like a checklist)
5. Lists help you examine tasks closer
6. To minimize repetition and duplication of tasks
7. As a communication tool to share tasks with others
8. To get things done quicker & more efficiently (saving you time & money)
9. Things are more likely to get done… on time!
10. So you simply don’t forget!

Your “To-Do” List can be a personal thing that you work on using a note pad that you carry with you, that you keep by your bed for those great ideas that you don’t want to lose, or that you manage on your Blackberry, iPhone or computer.
You can even use a white board in your office for all to refer to!

But don’t just take my word for it. If you still aren’t completely sold, start a “To-Do” List around a small project and when it’s complete analyze the impact and decide for yourself.

As you get busier, you will recognize that “To-Do” Lists are essential for anyone who is truly serious about success.

Sometimes getting “back to the basics” can have the biggest impact getting you back on track. For more on the importance of implementing the fundamentals check out my articles: “Creating an Action Plan” and “Mapping your Success” both found here on my website… Larry