Tuesday, July 10, 2012

Don't Send Your Ducks to Eagle School

by Jim Rohn The first rule of management is this: don’t send your ducks to eagle school. Why? Because it won’t work. Good people are found, not changed. They can change themselves, but you can’t change them. If you want good people, you have to find them. If you want motivated people, you have to find them, not motivate them. I picked up a magazine not long ago in New York that had a full-page ad in it for a hotel chain. The first line of the ad read, “We do not teach our people to be nice.” Now that got my attention. The second line said, “We hire nice people.” I thought, "what a clever shortcut!” Motivation is a mystery. Why are some people motivated and some are not? Why does one salesperson see his first prospect at seven in the morning while the other sees his first prospect at eleven in the morning? Why would one start at seven and the other start at eleven? I don’t know. Call it “mysteries of the mind.” I give lectures to a thousand people at a time. One walks out and says, ‘I’m going to change my life.” Another walks out with a yawn and says, “I’ve heard all this stuff before.” Why is that? The wealthy man says to a thousand people, “I read this book, and it started me on the road to wealth.” Guess how many of the thousand go out and get the book? Answer: very few. Isn’t that incredible? Why wouldn’t everyone go get the book? Mysteries of the mind… To one person, you have to say, “You’d better slow down. You can’t work that many hours, do that many things, go, go, go. You’re going to have a heart attack and die.” And to another person, you have to say, “When are you going to get off the couch?” What is the difference? Why wouldn’t everyone strive to be wealthy and happy? Chalk it up to mysteries of the mind and don’t waste your time trying to turn ducks into eagles. Hire people who already have the motivation and drive to be eagles and then just let them soar.

Sunday, July 1, 2012

Closing More Sales - Now!

A critical success factor for all businesses is how good they are at selling. Every business is selling something, a product and/or a service, but very few are actually trained in the art of selling. Here are seven keys to selling to help you on the track to greater business success: 1. Ask More Questions: Questions are the answers in sales. Too many sales people tell their customers the features and benefits of their product or service but never take the time to find out which of the benefits the customer is actually interested in. So, ask them to tell you what they want. 2. Set Daily Targets: A common theme in sales- chase enough customers in the hope that one or more will buy. In reality this leads to sales people only selling to the early adopters or price shoppers who would probably buy from anyone. However by keeping track of how many customers buy on average from a given number of leads and then introducing strategies to convert a higher percentage will ensure your sales team learn how to improve their results. Set daily targets and assess your performance against these targets. 3. Use Sales Scripts: No one likes to hear someone read from a script but customers do expect us to be consistent. So how do you ensure all your interactions with prospects are consistent and that you deal with objections in a professional way? By writing down what it is you say in any given situation and by training your team to use the same questions and language you can bring a lot more productivity to your sales process. 4. Offer / Guarantee: Why should someone buy from you and not a competitor who can provide the same product or service at a lower price? What is it that you offer them or can guarantee them that will differentiate you from your competition? Your offer must generate excitement to get prospects to make a decision to buy now. 5. Ask For The Sale: One of the biggest common failings in sales is not asking the prospect to buy. A fear of rejection, that the sale will be lost, prevents many sales people from actually asking the final question. Just do it and learn from those that say no so you can improve your conversion rate over time. 6. Learning: To be successful in sales there absolutely must be a habit of learning. Learn from other sales experts, learn from books, learn from your best customers and learn from past experience. Both your good and bad experiences can be a huge help in improving your sales success. You must record these experiences and build your knowledge over time. Write it down so you do not keep repeating the same mistakes over and over again. 7. Testimonials: We all need to be reminded of what we are doing right and why our best customers love dealing with us. Sometimes we focus too much on what is going wrong rather than what we are doing right. Focus on the good stuff and we will do more of it! Get your customers to write down their testimonials so you can use it in your marketing and attract even more great customers. Question: When is the best time to make a sale? Answer: Just after you made your last one. Ever hear stories of football players who stop scoring goals and it seems they will never score again? Well generally they change something about themselves; their attitude or a superstition or a habit; and then suddenly they are back in scoring form again and they keep scoring.

Selling to price focused shoppers

The perception in the market place is that people are shopping based on price alone. The only reason your customer asks for the price upfront, is because, that is what we, as business owners, have trained them to do. More often than not, people go into a business not really knowing what model, style, color or features they are looking for and purely ask for the price? At this point should the salesperson come back with the direct response, “That is $29.95” or should they ask the customer some questions about what it is they are looking to use the product/service for? This can be further explained by using a simple example of a kettle. Now in most people’s eyes a kettle is a kettle, but it can have many different features and offer many different benefits. So what if the sales person simply tells the customer, “Just so I can help you better, is it okay if I ask you a couple of questions about the kettle you are looking for?” This is a better response than simply telling the customer how much the kettle costs. Most certainly, the customer would give an affirmative response as he would like to find the kettle that best suits their needs. The sales person may then ask questions like: “Are you looking to replace an existing kettle or is it a gift for someone?” “Do you regularly use your kettle or is it rarely used?” “Have you seen the cordless options that are available?” “Are you looking for something to match your kitchen?” “So what color are you looking for?” “Kettles come in different cup capacity; do you require 10-cup capacity or is five a better size for you?” From these questions, the customer gets the idea that the sales person is genuinely interested in their needs, and that the salesperson is able to offer options in the most suitable kettles based on his needs. The price, is therefore, negated. It is just a matter of now asking the customer to buy the kettle and close the sale. A good salesperson would then ask, “Well, based on what we have just spoken about, there are two options to choose from, model x and model y; which one suits you best?” Finally, he can ask, “Great, would you like to pay for that by cash or on a credit card. This example was based on a kettle- a relatively small dollar item. How does this apply to other businesses? This process works equally well on cars, retail, houses, furniture, service-based businesses and any other product there is, including funeral homes. Every business owner needs to work out what his customers are actually looking for when they ask for the price, and what’s most important to them in their buying decision.

“Five ways to start the new financial year with a bang”

The weekend will see the end of the 2011-12 financial year, one that has seen start-ups under pressure from continued consumer caution and a tricky funding environment, with insolvency figures creeping steadily upwards. However, the picture is not all doom and gloom. Australia’s economic fundamentals are strong and there is – carbon tax aside – some government help on hand for entrepreneurs. So how can you get off to a flying start in 2012-13? Here are five top tips: 1. Tick off last-minute tax time housekeeping We may be in the death throes of financial year 2011-12, but that doesn’t mean you can’t sneak in a bit of last-minute tax time activity to reduce your liabilities. There are three key areas you really should’ve thought of by now: bonuses and directors’ fees, superannuation, and old stock. However, if you act quickly, you might be able to make some headway even if you’ve left it to the last minute. Tax expert Greg Hayes, of Hayes Knight, explains: “If you are planning to pay bonuses or directors’ fees, make sure that these are declared before June 30.” “They don’t have to be paid before June 30 to take the tax deduction, but the company does need to be legally committed.” “This is normally achieved by a director’s resolution approving the bonus or fee. Do this and the company takes the deduction into this year. The recipient does not need to declare it on their personal return until the year of actual receipt.” On super, Hayes says: “Make sure that you make your superannuation payments before June 30. The funds need to be receipted by the super fund to be eligible for current-year deduction.” “Where you have SGC payments for staff for the June quarter, if you can pay these before June 30 you will take a current-year tax deduction.” Meanwhile, any damaged or old stock that you have hanging around your business needs to be scrapped and written off – ASAP. “The written off amount forms an immediate tax deduction,” says Hayes. “Also start to review your stock in terms of the appropriate valuation method.” “While this is often cost price, it doesn’t have to be. You can value stock at the lower end of cost, replacement or net market value.” “You may have stock that you don’t want to scrap but may be worth less than its cost price. The market value approach will give you the tax saving into this year.” 2. Re-think your business’ structure If you are yet to launch, the new financial year is a good time to ponder the business structure that you intend to use for your start-up. Your decision to be a company, partnership, trust or sole trader will have significant tax and other implications that need to be weighed carefully. Business advisory expert Marc Peskett, of MPR Group, says that you need to think about how your business will operate and then consult your accountant about: • How you will be taxed under the structure during the life of the business, as the business earns income and then pays or distributes it to directors or beneficiaries? • How you can use the structure or a group of structures to meet your personal wealth needs and optimise your personal tax position? • How will you be taxed when you come to sell the business? If you don’t have the right structure, you could find yourself paying a lot more tax than you need to. “Your structure can also affect which tax concessions, incentives and grants you can take advantage of as well,” says Peskett. “There are several tax concessions available to small businesses, including the R&D Tax Concession, Small Business Entity Regime and Small Business Capital Gains Tax Concession.” “Each provide cash back to the business when it undertakes specific activities or at certain milestones in the life of the business, such as at sale.” Take your time, do a bit of research and work out which business structure is best for you. 3. Get investing The Federal Government has beefed up the instant asset write-off system for small businesses, with the aim of relieving the pressure on entrepreneurs who wish to invest and grow their enterprises. The budget measures, which will officially come into force on Sunday, will increase the small business instant asset write-off threshold from the current limit of $1,000 to $6,500. The measures will apply to businesses with annual turnover of less than $2 million, allowing them to write off depreciating assets costing less than $6,500 in the income year in which they start to use the asset or have it installed ready for use for a taxable purpose during or before that income year. If you choose to use the capital allowance provisions, you’ll also be able to claim an immediate deduction for additions to existing assets if the assets and the new piece of equipment both cost less than $6,500. So, for example, if you’re spending money on new in-house software for $4,000, as a depreciating asset, you can claim a $4,000 deduction for the 2012-13 financial year. While this change is unlikely to radically alter your investment intentions, it should certainly give you food for thought. Are there any systems or items of equipment that need to be replaced? If so, can you claim a deduction? If so, this could well be the ideal time to start investing sensibly in your start-up. 4. Take advantage of changes to workplace laws The new financial year will see a raft of changes to the ability of small businesses to employ and pay their staff. The minimum wage is going up from Sunday by 2.9% to $606.50, or $15.96 per hour, while unfair dismissal laws are changing too – the high income threshold increases from July 1 from the current level of $118,100 to $123,000, essentially meaning that employees who earn more than the high income threshold, and who aren’t covered by an award, can’t make an unfair dismissal claim. But perhaps the most eye-catching change will be Paid Parental Leave – allowing fathers and other partners earning under $150,000 a year to take two weeks’ leave at minimum wage levels, on top of existing payments. If you are yet to hire, you should be nimble enough to change tack and position yourself as a parent-friendly employer. Tout your flexibility to potential staff and make it clear that you want people who are committed to an innovative, up-and-coming business (that’s you) for the long haul. 5. Don’t let tax become an obsession The end of the financial year places an onus on tax – what you need to pay, how you can reduce that amount and how much you can get back. However, your business’ strategy and business plan shouldn’t be based upon your tax liability. Don’t become so focused on tax in the year ahead that you end up spending money that does nothing to drive sales and growth. “Tax should be a secondary consideration when balancing the tax management approach against the commercial needs of the business, i.e. don’t spend a $1 just to save 30c in tax,” advises Peskett. “A number of tax initiatives have been implemented for small businesses in the last few years that can make it tempting for investment dollars to be directed where costs may be recouped via deductions or write-offs.” Peskett suggests that you should ask yourself a few key questions when you’re about to invest in your business: • What areas of the business are the priorities for investment and growth? • How will this investment help generate leads or new potential clients? • How will it drive greater efficiency? • What other substantial benefit or return will it bring to the business? samthecoach.com

Saturday, April 14, 2012

8 Rules For Good Customer Service

Good Customer Service Made Simple

Good customer service is the lifeblood of any business. You can offer promotions and slash prices to bring in as many new customers as you want, but unless you can get some of those customers to come back, your business won't be profitable for long.

Good customer service is all about bringing customers back. And about sending them away happy - happy enough to pass positive feedback about your business along to others, who may then try the product or service you offer for themselves and in their turn become repeat customers.

If you're a good salesperson, you can sell anything to anyone once. But it will be your approach to customer service that determines whether or not you’ll ever be able to sell that person anything else. The essence of good customer service is forming a relationship with customers – a relationship that that individual customer feels that he would like to pursue.
How do you go about forming such a relationship? By remembering the one true secret of good customer service and acting accordingly; "You will be judged by what you do, not what you say."
I know this verges on the kind of statement that's often seen on a sampler, but providing good customer service IS a simple thing. If you truly want to have good customer service, all you have to do is ensure that your business consistently does these things:

1) Answer your phone.

Get call forwarding. Or an answering service. Hire staff if you need to. But make sure that someone is picking up the phone when someone calls your business. (Notice I say "someone". People who call want to talk to a live person, not a fake "recorded robot".)

2) Don't make promises unless you will keep them.

Not plan to keep them. Will keep them. Reliability is one of the keys to any good relationship, and good customer service is no exception. If you say, “Your new bedroom furniture will be delivered on Tuesday”, make sure it is delivered on Tuesday. Otherwise, don't say it. The same rule applies to client appointments, deadlines, etc.. Think before you give any promise - because nothing annoys customers more than a broken one.

3) Listen to your customers.

Is there anything more exasperating than telling someone what you want or what
your problem is and then discovering that that person hasn't been paying attention
and needs to have it explained again? From a customer's point of view, I
doubt it. Can the sales pitches and the product babble. Let your customer talk
and show him that you are listening by making the appropriate responses, such
as suggesting how to solve the problem.

4) Deal with complaints.
No one likes hearing complaints, and many of us have developed a reflex shrug,
saying, "You can't please all the people all the time". Maybe not, but if you give
the complaint your attention, you may be able to please this one person this one
time - and position your business to reap the benefits of good customer service.

5) Be helpful - even if there's no immediate profit in it.
The other day I popped into a local watch shop because I had lost the small
piece that clips the pieces of my watch band together. When I explained the
problem, the store owner said that he thought he might have one lying around. He
found it, attached it to my watch band – and charged me nothing! Where do you
think I'll go when I need a new watch band or even a new watch? And how many
people do you think I've told this story to since?

6) Train your staff (if you have any) to be always helpful, courteous, and
knowledgeable.

Do it yourself or hire someone to train them. Talk to them about good customer
service and what it is (and isn't) regularly. Most importantly, give every member of
your staff enough information and power to make those small customer-pleasing
decisions, so he never has to say, "I don't know, but so-and-so will be back at..."

7) Take the extra step.
For instance, if someone walks into your store and asks you to help them find
something, don't just say, "It's in Aisle 3". Lead the customer to the item. Better
yet, wait and see if he has questions about it, or further needs. Whatever the extra
step may be, if you want to provide good customer service, take it. They may
not say so to you, but people notice when people make an extra effort and will tell
other people.

8) Throw in something extra.

Whether it's a coupon for a future discount, additional information on how to use
the product, or a genuine smile, people love to get more than they thought they
were getting. And don’t think that a gesture has to be large to be effective. I always remember the little samplers thrown in my bag when I purchased a perfume from Macy’s. A small thing, but so appreciated.

If you apply these eight simple rules consistently, your business will become
known for its good customer service. And the best part? The irony of good customer
service is that over time it will bring in more new customers than promotions
and price slashing ever did!

Sam

The Clock is Ticking

There are two things business people find very challenging: thinking ahead and doing things in order of importance. Doing these two things makes the difference between success in business and just surviving. And the same is true for all areas of our lives.

Leadership trainer and author John Maxwell says, “Thinking ahead and prioritizing responsibilities marks the major differences between a leader and a follower.”

Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated this says that in most businesses 80 percent of your business comes from 20 percent of your customers.

Other examples of the Pareto Principle are:
Reading: 20 percent of the book contains 80 percent of the content.
Job: 20 percent of our work gives us 80 percent of our satisfaction.
Products: 20 percent of the products bring 80 percent of the profits.
Picnic: 20 percent of the people will eat 80 percent of the food!

A GUIDE TO BUSINESS SUCCESS

Hence, 20 percent of a business owner’s priorities will give him 80 percent of his production if he spends his time, energy, money and personnel on the top 20 percent of his priorities. When a business owner does this, he can get a 400 percent or fourfold return in productivity.

Every business person needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership. In the area of customers, it is vital to identify the 20 percent who account for 80 percent of one’s business. These are also known as “raving fans,” and strategies must be put in place to care for them appropriately.

Within his team, the business owner must identify the top 20 percent producers. It is important for the business owner to spend 80 percent of his people time with these top performers, in order to develop them to their full potential.

In leadership, it is crucial to take an honest look at the question, “What do I have to do that no one else can do?” A leader is in a position to give up everything except final responsibility. A leader should decide whether he will be reactive or proactive when it comes to the use of his time.

The question is not, “Will I be busy?” but, “How will I invest my time?” It’s not “Will my calendar be full?” but, “Who will fill my calendar?” It’s not “Will I see people?” but, “Who will I see?”

Having one’s priorities in place can boost one’s productivity and personal satisfaction and make businesses grow to their full potential.

Brad Sugar

Tuesday, April 3, 2012

Doing the Remarkable

When it comes to meeting and conquering the negativity in your life, here is a key question:

What can you do, starting today, that will make a difference? What can you do during economic chaos? What can you do when everything has gone wrong? What can you do when you've run out of money, when you don't feel well and it's all gone sour? What can you do?

Let me give you the broad answer first. You can do the most remarkable things, no matter what happens. People can do incredible things, unbelievable things, despite the most impossible or disastrous circumstances.
Here is why humans can do remarkable things: because they are remarkable. Humans are different than any other creation. When a dog starts with weeds, he winds up with weeds. And the reason is because he's a dog. But that's not true with human beings. Humans can turn weeds into gardens.

Humans can turn nothing into something
, pennies into fortune, and disaster into success. And the reason they can do such remarkable things is because they are remarkable. Try reaching down inside of yourself; you'll come up with some more of those remarkable human gifts. They're there, waiting to be discovered and employed.

With those gifts, you can change anything for yourself that you wish to change. And I challenge you to do that because you can change. If you don't like how something is going for you, change it. If something isn't enough, change it. If something doesn't suit you; change it. If something doesn't please you, change it. You don't ever have to be the same after today. If you don't like your present address, change it—you're not a tree!

If there is one thing to get excited about, it's your ability to make yourself do the necessary things, to get a desired result, to turn the negative into success. That's true excitement.

by Jim Rohn