Thursday 26 March 2015
"Everyone needs a coach" by Bill Gates& Eric Schmidt
If it is good enough for the CEO's of Microsoft and Google....This one minute video explains perfectly why you need a coach. Watch it!
Wednesday 13 June 2012
Are you focussing on the right things at work?
Through the use of technology, the blend of social media and work and our ever shortening attention span, we tend to jump from one task to another all day long. This has actually proved to be counter productive and unlike the robot in the picture, we are no longer on top of things.
So set out clearly what the objectives are for your business or department (see my previous blog on business planning) and start planning them into your daily and weekly workload. Do this with both exciting tasks but also those things you always put off. It will stop you from having "dead" moments where it feels OK to go on Facebook for a while. It will also make sure that instead of coming up with yet another way to market your company or to monitor your staff, you stick with those activities you are already started and actually see them through properly.
Focus on few things at a time and do them well. What is also important is to set yourself targets for each of your activities, what is the outcome you have in mind? Make it as tangible and realistic as possible. Do this for yourself and if you have any, also your staff. That way you can celebrate success when you or they achieve it and tweak things that are not working.
Good luck with putting this in practise and as always do please let me have your comments on the blog and requests for new topics.
Thursday 8 March 2012
How to get more leads
Seeing as this is the number one issue the small businesses I provide coaching and consulting for face, I thought it might warrant a blog entry! Especially if you are trying to grow the size of your business, or your existing customers are not returning or spending often enough, then this is for you.
Brand new or existing clients
Whenever possible, always try to sell more to your existing clients first. Everyone knows that it takes more time, money and effort to get brand new customers. So if you can, up sell or cross sell. Up selling is where you sell more of the same product or service, cross selling is where you sell a new product or service to an existing customer. Do your customers know about ALL of the products you provide? Nine times out of ten in the businesses I visit that is not the case. So start making them aware of all the things you do.
Direct sales activity
Call, write or e-mail to your prospects. If you don't the time or the inclination to do it yourself, get an agency, a member of staff, a freelancer or apprentice to do it for you. You will most likely still have to do the sales meeting yourself, but the legwork is not something you have to yourself. Likewise if you hate cold calling, there are plenty of agencies that will do that for you.
Marketing
Marketing is a huge subject that warrants some proper thought. Before you start any activity in this area, have a think first who your prospects are, where they spend their time and who with. Where or who do they get the information from that forms their buying decision? Then target them where they will be. This is equally valid for consumers (B2C) as it is for business customers (B2B).
Will it get me leads?
Marketing activities vary widely of course from social media, to advertising, your website, flyers and much more. Whatever you do, don't expect that marketing on its own will get you lots of leads. You will usually need to follow up with sales activity. The only exception possibly is the retail sector which tends to spend a lot of time and money on marketing. Tesco don't personally call you to invite you to their shop. But they do have lots of calls to action, vouchers for you to spend, promotions they run etc. Similarly on e-commerce sites there will plenty of buttons to say "buy here" "order now".
In conclusion
So have a think what calls to action you can put out there to create leads. This is not always about price, it can be many other things too. Use your imagination! Most of all, be consistent and persistent in your efforts. Good luck and let me know how you get on.
As always, I do appreciate your feedback and comments on this blog. Any topics you would like to see here, do let me know!
Brand new or existing clients
Whenever possible, always try to sell more to your existing clients first. Everyone knows that it takes more time, money and effort to get brand new customers. So if you can, up sell or cross sell. Up selling is where you sell more of the same product or service, cross selling is where you sell a new product or service to an existing customer. Do your customers know about ALL of the products you provide? Nine times out of ten in the businesses I visit that is not the case. So start making them aware of all the things you do.
Direct sales activity Call, write or e-mail to your prospects. If you don't the time or the inclination to do it yourself, get an agency, a member of staff, a freelancer or apprentice to do it for you. You will most likely still have to do the sales meeting yourself, but the legwork is not something you have to yourself. Likewise if you hate cold calling, there are plenty of agencies that will do that for you.
Marketing
Marketing is a huge subject that warrants some proper thought. Before you start any activity in this area, have a think first who your prospects are, where they spend their time and who with. Where or who do they get the information from that forms their buying decision? Then target them where they will be. This is equally valid for consumers (B2C) as it is for business customers (B2B).
Will it get me leads?
Marketing activities vary widely of course from social media, to advertising, your website, flyers and much more. Whatever you do, don't expect that marketing on its own will get you lots of leads. You will usually need to follow up with sales activity. The only exception possibly is the retail sector which tends to spend a lot of time and money on marketing. Tesco don't personally call you to invite you to their shop. But they do have lots of calls to action, vouchers for you to spend, promotions they run etc. Similarly on e-commerce sites there will plenty of buttons to say "buy here" "order now".
So have a think what calls to action you can put out there to create leads. This is not always about price, it can be many other things too. Use your imagination! Most of all, be consistent and persistent in your efforts. Good luck and let me know how you get on.
As always, I do appreciate your feedback and comments on this blog. Any topics you would like to see here, do let me know!
Tuesday 6 December 2011
How to write a business plan
You could just not have a plan, like two thirds of all owner managed businesses with a turnover of less than £10 million. Even the remaining third usually have one that is out of date or incomplete. However, if you would like to do better than your competition, avoid bankruptcy and grow your turnover, than maybe it is time to get started!
What it is not
It is not a document that is perfect, or set in stone. A business plan should be updated any time you need or want to and should help motivate you and your staff, not be too restrictive (unless you are completely going off on a tangent). It can cover the whole company, or just a part of it if you are not the MD/CEO. Many business people I meet don't start on one way as they are afraid they won't do it right. I say it is better to have an imperfect plan than none at all!
How to startThink of all the areas that are important in your business, such as sales and marketing, finance, staff. Depending on the nature of your company, you may also have to include stock, administration or systems, manufacturing, legal etc. Then start logging where you are and where you would like to be at the end of the year. There are plenty of examples on the web of a plan, so you can either take a template like that or just start writing your own.
The next step
If it helps you, break these figures or results down into quarterly or monthly targets. Then write down what you or each department will do to achieve this. Lastly work out what this will cost and how you will finance this. Ideally have a Word document for the main plan and use a spreadsheet for the numbers side of it. If you have any extraordinary things happening in your business, like you are planning to sell it, or you have an office move coming up, write these down as separate sections.
Most importantly
Have a plan that is easy to understand for you and your key staff. Make sure it makes sense to anyone else who may need to read it, like bank managers or venture capitalists if you are looking to raise money. Share it with everyone who is affected by what is in it.
So good luck writing your business plan and get started today! For any help, contact me on lizannejakobs@ologycoaching.com or 01784 770595.
Thursday 20 October 2011
The Sales Sandwich
The Sales Sandwich and how it helps you get more business!
How to plan your sales approach is not strictly an international business topic, but it is even more relevant there than in national sales! The secret I believe to any sale, especially in a complex one like selling business to business (B2B) services, is the following formula:
First layer of the sandwich
This is your preparation. Use your left brain – the analytical and logical side. Be clear about who you want to have a sales call or meeting with, what the message will be to them. Plan what you will ask them, what you will say and what you want as a result of the call or meeting. Be very structured in who your prospect is (function in the business, location, industry, size of the business etc) and find out where they are and where they get their information from.
(image by gt_pann)
The filling
The sandwich filling is the actual meeting or phone call. Use your right brain – the intuitive, creative, empathetic side. Don't just talk your prospect into submission, ask them lots of questions. Find out about them, what is important in making the buying decision, what their time line is for a decision etc. Use your gut feel to see how the prospect is reacting to you and what is being discussed. If you feel that they are not with you, try subtly asking what doubts they may have. It is important in this part to be pro active and on the ball, but not pushy! It is all about making a connection and having a pleasant conversation rather than being forced to buy. Especially in a cross cultural environment you will need to be even more aware of possible differences between the buyer and seller and in their decision making process!
The outer layer
Lastly there is the close. Here we revert back to the left brain. Be methodical and persistent in your follow up. Agree with the prospect when you should revert to them. Continue to be polite and pleasant, but make sure that in the end you come to a decision. Especially those who are not in a full time sales role but have it as part of their remit are often afraid of being seen as too pushy and therefore don't ask for a yes or no. Don't be disheartened if it takes a long time and if many of your calls and e-mails are not returned. The decision to buy or not to buy probably does not matter as much to the prospect as it does to you. So stay on the ball.
With this recipe you should be able to improve your sales. Good luck and let me know if it works for you!
Tuesday 23 August 2011
Financing or pricing international business
Today's post will be very practical: what to do about financing or pricing foreign deals. Whether you are buying or selling, there are always a few things you have to take into account:
Currency
First of all think about which currency you want the deal to be in. Don't assume that you can pay or bill in your own currency all the time. Look at the various charges you may incur for paying in another currency and also at who is taking the risk for currency fluctuations. This may have a huge impact on your profit margins. For example the pound sterling is now worth about 22% less than a few years ago, can you afford to pay that much more or receive that much less money for your goods or services?
Payment terms
Terms will vary hugely depending on the country you are dealing with. Some countries like Spain have a custom of offering 60 or 90 days payment terms, I even had a very large client there once who insisted on 180 days. Do you have that kind of cash flow? Should you charge the other party for the lost interest? In most cases I would factor it into the prices, clients seldomly accept it as an additional charge.
Making the payment
Before sending any money, think about securing the deal for yourself financially. That might mean paying only part of it upfront, or if you are the supplier asking for some or all of the money upfront. There are plenty of financial providers including banks who would love to advise you on the use of letters of credit and other forms of secure payment including HSBC. There are also export credits and other forms of support out there, talk to your local Chamber of Commerce or other non profit business organisation.
VAT
Check the VAT rules for the country you are dealing with or get the other party you are working with to do so. You do not need to do this for each and every deal, but if you are working with a new country for the first time it could be worth it. I used to work for a company that was based in the Channel Islands and we billed a lot of Spanish clients. As there is a part of Spanish tax legislation that forbid dealings with tax paradises, I had a great many clients telling me they would not pay the VAT and would simply deduct 25% off our bills. Seeing as our margin was not even 25%, you can imagine this went down really well with my company....
You can probably write entire books on this topic, but as always this is simply meant to get you in the right frame of mind. I hope you find it useful and if you do, please sign up for this blog and recommend it to others. Have a good day!
Currency
First of all think about which currency you want the deal to be in. Don't assume that you can pay or bill in your own currency all the time. Look at the various charges you may incur for paying in another currency and also at who is taking the risk for currency fluctuations. This may have a huge impact on your profit margins. For example the pound sterling is now worth about 22% less than a few years ago, can you afford to pay that much more or receive that much less money for your goods or services?
Payment terms
Terms will vary hugely depending on the country you are dealing with. Some countries like Spain have a custom of offering 60 or 90 days payment terms, I even had a very large client there once who insisted on 180 days. Do you have that kind of cash flow? Should you charge the other party for the lost interest? In most cases I would factor it into the prices, clients seldomly accept it as an additional charge.
Making the payment
Before sending any money, think about securing the deal for yourself financially. That might mean paying only part of it upfront, or if you are the supplier asking for some or all of the money upfront. There are plenty of financial providers including banks who would love to advise you on the use of letters of credit and other forms of secure payment including HSBC. There are also export credits and other forms of support out there, talk to your local Chamber of Commerce or other non profit business organisation.
VAT
Check the VAT rules for the country you are dealing with or get the other party you are working with to do so. You do not need to do this for each and every deal, but if you are working with a new country for the first time it could be worth it. I used to work for a company that was based in the Channel Islands and we billed a lot of Spanish clients. As there is a part of Spanish tax legislation that forbid dealings with tax paradises, I had a great many clients telling me they would not pay the VAT and would simply deduct 25% off our bills. Seeing as our margin was not even 25%, you can imagine this went down really well with my company....
You can probably write entire books on this topic, but as always this is simply meant to get you in the right frame of mind. I hope you find it useful and if you do, please sign up for this blog and recommend it to others. Have a good day!
Friday 22 July 2011
The British, do's and don'ts
Seeing as a a fair few of my readers are Brits or have lived there, I'd better be make sure I get this post very right!
Work ethic
Brits tend to work long hours compared to many other nationalities. Long commutes are also very common, which means that during the week you will not find them home much. With globalisation into play it means they have to be available to overlap with office hours in Asia as well as the US in many cases. Most Brits won't complain if asked to put in extra hours for conference calls etc. With the current job market, people feel even less in a position to turn own a long commute or working hours. You also see this ethic reflected in shop opening hours, supermarkets are open 24/7 and in the bigger towns and cities all shops are open on Sundays.
Language skills
Most Brits have had some German or French in school, but in general their language skills are restricted to English and English. It is not their fault as they are never exposed to other languages in the media. It is a great opportunity for foreign workers to work for British companies in positions where language skills are required. If you are a Brit who is fluent in another language - well done!
Stiff upper lip / politeness
The biggest thing I probably have struggled with is a combination of stiff upper lip and politeness. Call it what you will, this means that very few tense situations at work (or home) are really dealt with early on and worked out completely. "The office" and many other programmes are a great example of how that can lead to dissatisfaction and office gossip, let alone burnout. A great example was a former manager of mine who behind his back would do an outstanding impersonation of his manager. Needless to say it wasn't a very nice one...Perhaps a solution like the Japanese would be in order? They tend get drunk with their boss after work and tell them exactly what they think. By the next morning everything is forgotten again.
To be fair, there are many plus sides as well to being polite in business. Most people like working with Brits for this reason. If you want to make certain that they really agree with what you are suggesting, ask very open questions and ask them what they suggest you should do. They are also good at being politically savvy, which in larger organisations is a skill worth having.
Class society?
This is a tricky one, it is not as obvious as apparently it once was (being in my late thirties I think I missed the hay day of the class society). However, there definitely still is a divide. Being from a very egalitarian society myself, the idea of private health care and private schools abhors me. At the same time, if you are faced with having to wait for three months for treatment of a medical condition, or for instance having to send your child to a very poor school, this all of a sudden becomes a matter of practicality.
This is a country where you really can build up a nice career based on your skills, education, willingness to work and political savvy.
A very famous Brit is Alan Sugar. Very proud of his working class roots and still using a London accent, he has been a Sir and is now a Lord. Perhaps being working, middle and upper class is not mutually exclusive, but I still have not come to grips with the whole thing.
What industries are Brits good at?
Undoubtedly it is all about services nowadays, not manufacturing. Even though there are still a few good manufacturers around, most of the economy revolves around IT, finance, telecoms etc. This is especially the case in the South East, where I live. Retail also has its place, with many on-line and high street labels that are big abroad too. If the government can stimulate kids to study the right type of courses, hopefully we can have a future that involves people educated to the right level, with a broad general knowledge base as well as specialist knowledge in the sectors that grow the most.
Bad work ethic???
Last week there was an upheaval in the news that employers now prefer to hire foreign workers as opposed to Brits. Apparently they have a better work ethic. I think that is not entirely fair and is a funny reversal as in the past immigrants were often described as lazy and workshy.
I think it is fair to say that many people who move country, leaving behind family and loved ones, to get work will be highly motivated and do a good job for you. At the same time, many Brits are great workers too. What is amazing is that there seem to be plenty of people - especially youngsters - who have not grown up in an environment that encourages a good work ethic. I personally know someone who has just been fired (again) for consistently being late at work. He is in his early twenties and has been largely unemployed for the last few years. A very nice young man, he has not had much education, no idea of what employers want or what he wants himself in the long run. There are some people who think that they can make as much on benefits now as they would in work. That probably is true in the short term, in the long term it is not.
Anyway, I think it is important to note that a. this problem is entirely fixable, b. not a cultural thing to do with being British but just caused by circumstance and c. only applied to a small group.
The vast majority of Brits are good workers, good employers and good business people.
Work ethic
Brits tend to work long hours compared to many other nationalities. Long commutes are also very common, which means that during the week you will not find them home much. With globalisation into play it means they have to be available to overlap with office hours in Asia as well as the US in many cases. Most Brits won't complain if asked to put in extra hours for conference calls etc. With the current job market, people feel even less in a position to turn own a long commute or working hours. You also see this ethic reflected in shop opening hours, supermarkets are open 24/7 and in the bigger towns and cities all shops are open on Sundays.
Language skills
Most Brits have had some German or French in school, but in general their language skills are restricted to English and English. It is not their fault as they are never exposed to other languages in the media. It is a great opportunity for foreign workers to work for British companies in positions where language skills are required. If you are a Brit who is fluent in another language - well done!
Stiff upper lip / politeness
The biggest thing I probably have struggled with is a combination of stiff upper lip and politeness. Call it what you will, this means that very few tense situations at work (or home) are really dealt with early on and worked out completely. "The office" and many other programmes are a great example of how that can lead to dissatisfaction and office gossip, let alone burnout. A great example was a former manager of mine who behind his back would do an outstanding impersonation of his manager. Needless to say it wasn't a very nice one...Perhaps a solution like the Japanese would be in order? They tend get drunk with their boss after work and tell them exactly what they think. By the next morning everything is forgotten again.
To be fair, there are many plus sides as well to being polite in business. Most people like working with Brits for this reason. If you want to make certain that they really agree with what you are suggesting, ask very open questions and ask them what they suggest you should do. They are also good at being politically savvy, which in larger organisations is a skill worth having.
Class society?
This is a tricky one, it is not as obvious as apparently it once was (being in my late thirties I think I missed the hay day of the class society). However, there definitely still is a divide. Being from a very egalitarian society myself, the idea of private health care and private schools abhors me. At the same time, if you are faced with having to wait for three months for treatment of a medical condition, or for instance having to send your child to a very poor school, this all of a sudden becomes a matter of practicality.
This is a country where you really can build up a nice career based on your skills, education, willingness to work and political savvy.
A very famous Brit is Alan Sugar. Very proud of his working class roots and still using a London accent, he has been a Sir and is now a Lord. Perhaps being working, middle and upper class is not mutually exclusive, but I still have not come to grips with the whole thing.
What industries are Brits good at?
Undoubtedly it is all about services nowadays, not manufacturing. Even though there are still a few good manufacturers around, most of the economy revolves around IT, finance, telecoms etc. This is especially the case in the South East, where I live. Retail also has its place, with many on-line and high street labels that are big abroad too. If the government can stimulate kids to study the right type of courses, hopefully we can have a future that involves people educated to the right level, with a broad general knowledge base as well as specialist knowledge in the sectors that grow the most.
Bad work ethic???
Last week there was an upheaval in the news that employers now prefer to hire foreign workers as opposed to Brits. Apparently they have a better work ethic. I think that is not entirely fair and is a funny reversal as in the past immigrants were often described as lazy and workshy.
I think it is fair to say that many people who move country, leaving behind family and loved ones, to get work will be highly motivated and do a good job for you. At the same time, many Brits are great workers too. What is amazing is that there seem to be plenty of people - especially youngsters - who have not grown up in an environment that encourages a good work ethic. I personally know someone who has just been fired (again) for consistently being late at work. He is in his early twenties and has been largely unemployed for the last few years. A very nice young man, he has not had much education, no idea of what employers want or what he wants himself in the long run. There are some people who think that they can make as much on benefits now as they would in work. That probably is true in the short term, in the long term it is not.
Anyway, I think it is important to note that a. this problem is entirely fixable, b. not a cultural thing to do with being British but just caused by circumstance and c. only applied to a small group.
The vast majority of Brits are good workers, good employers and good business people.
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