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10 Tips to Develop Your Dream Team

Posted on by Joan Nowak

When it comes to business, profit is important, but cash is king! The same analogy can be made when it comes to your dream team. Hiring well is important, but retention is king.

The cost of hiring, training and the temporary loss of productivity represents thousands of dollars for most small businesses. The return on this investment depends on two things: (a) how long employees stay and (b) how much they contribute when they are there.

Every successful entrepreneur knows that a strong team makes it possible to accomplish great things. But dream teams don’t just happen. They are developed over time and require commitment at all levels, starting with you, the owner and leader of your company.

10 Tips to Develop Your Dream Team

Set Clear Expectations with SMART Goals. In sports, teams measure success through wins and losses. How will your team members measure their success? If you want them to meet your expectations, you must be clear on what you want. This starts with goals that are specific and measurable. If you want a 20% growth in revenue, a 10% reduction in rejects or a 12% reduction in A/R days outstanding – tell them what you want. Then everyone is on the same page.

Have Common Goals. While every employee should have individual goals for their position, business goals shared by the entire team are also important. In addition to promoting teamwork, common goals provide a way for team members to link their individual goals to the overall business results.

Develop Action Plans. Goals are important, but without supporting strategies and tasks, it is difficult for the team to get there. Identify what needs to be done (strategies and tactics) to achieve the goals, then assign responsibilities and due dates for completion.

Engage and Involve. Strong teams are committed to the success of the business and each other. Consider the words of Vince Lombardi, “Individual commitment to a group effort is what makes a team work, a company work, a society work and a civilization work.” Individual commitment comes from participation and understanding. The more we involve our team in the business, the more committed they are to its success. And since some of the best ideas for business growth and improvement come from employees, it’s time to get them engaged. Then everyone wins!

Support Risk Taking. Team members need to be able to make decisions and keep moving if they are going to achieve results. When they understand the goals and have the tools and parameters to make good decisions, you need to allow them to do so. Recognize that mistakes may happen – support them in the decision but help them learn from the mistake so it’s not repeated. Without your support, they will be reluctant to make decisions, big or small.

Reward Results, Not Time. Too often owners recognize effort and hours worked instead of results achieved. When we focus only on hours or time worked, we ignore two critical profit indicators – efficiency and productivity. Comments like, ‘John really put in a lot of hours last week, thank you’ really sends out the wrong message. Instead, focus on the contribution he made. For example, ‘John really stepped up last week while Sam was out, so we met all our customer deadlines – thanks John for making it happen’. Eliminate references to time and start building a team that works smart and delivers results.

Invest in Training. One of the best ways you can demonstrate your commitment to employees is by investing time or dollars in training and development. Research has shown that companies that invest in training have consistently higher employee satisfaction and retention. The good news here is that technology has made this much more affordable for small businesses.

Use a Performance Review Process. Employees want and need feedback so they continue to develop and improve. While many focus on the legal and risk avoidance aspects, successful entrepreneurs understand that a good performance review process has two purposes. First, to facilitate discussion on goals and skills. Second, to help team members develop their potential so they can take on new challenges and responsibilities. Ensure your annual process incorporates interim feedback discussions too. If your team is involved in developing their goals and committed to success, they want and need the feedback – and will go elsewhere if they don’t get it.

Systematize the Routine. Teams that have systems in place will typically outperform those that do not because they operate more efficiently. They know what needs to be done, learn to depend on others to do their part and are ready to take advantage of opportunities that arise. Take the time to document the key procedures in your business and watch your team’s productivity and satisfaction soar!

Make Meetings Count. Team meetings can be a great team building tool, but only if done right. Getting your team together to brainstorm new ideas, recognize individual or team successes or work together on a current business challenge can be a huge benefit. Keep them interactive and never hold a meeting to communicate ‘updates’ that you could have done by email. Whether you do them monthly or quarterly, make team meetings part of your culture.

So there it is. Remember, you don’t need to implement these all at once. Prioritize them for your business and start with one. Then add another and another. Dream teams are built over time, but each step you take moves you closer to the team you want.

Ready to Put Your Business on the Path to Success?

Would working with a business coach help you take your business to a whole new level? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

How to Convert More Online Leads to Paying Customers

Posted on by Joan Nowak

My website is giving me too many online leads! Not a problem if you have an e-commerce business where customers buy direct and fulfillment happens with no interaction. But what if you have a service business that requires phone calls or quotes to build relationships or close the sale?

This is the problem recently raised by a local business owner after upgrading his website. Within a few months, the number of calls and emails exploded. That’s the good news. But they were not responding to them in a timely manner. That’s the bad news. In the short-term, this hurts your sales conversion rate. In the long-term, it may damage your reputation for dependability and responsiveness.

How To Avoid Disappointing Customers

First, remember that your business systems need to change as your business grows. If you expect growth from a new or improved strategy (and you should), keep this in mind and prepare for it. In his case, the procedure for handling online leads worked when they trickled in, but did not when the volume more than quadrupled.

Next, use technology, anticipate issues and simplify what you do. Here’ are a few things we did to demonstrate this point:

Avoid vague contact forms. You need their name, phone number, and email address. Most website contact forms use a comment box to gather more information. They often leave you wondering what action the prospect wants you to take. Do they want you to call or email the information? Add a ‘How can we help you’ section and list the specific options.

Screen leads. Add one or two specific questions to your contact form to help you screen and prioritize. Make them simple and don’t over-do it. Those that are truly seeking your service will typically take the time to answer them; tire kickers may not.

Make quote process efficient. If someone wants a quote, take them to a separate form and gather most (or all) of the relevant information. Having information before you call makes it more productive. So you can spend time asking great questions – the kind that can help you convert prospects to customers down the road!

Make auto-responders count. Most websites have a default confirmation message that goes out when people send a contact form email. Customize yours to begin educating customers on the benefits you provide, why you are unique, and expectations on return calls. Remember, this is the first direct communication from you. Make it count.

Use templates. What are the top 5-7 requests, questions or issues you receive via your contact forms? Develop email responses that address them and use them consistently. Whether you use an auto-responder software program or manually cut and paste, they will save you time and customers will receive consistent concise information.

Publish FAQ on your website. These provide a simple, easy way to answer common questions prospects have about your products or services in a well-thought-out way. They can help reduce non-essential emails or calls leaving you more time to focus on the important ones. Most businesses have some of these for customer service reps or receptionists to use. Clean them up and put them on your website.

Bonus From Publishing FAQ’s

Here is a bonus you get when you publish frequently asked questions. It gives you the chance to include questions you WISH customers would ask, but often don’t because they don’t know they should. I’m sure you have a few in mind! Use them to reinforce your uniqueness, value, and benefits. In a question and answer format, they sound less promotional! Take advantage of it.

If you are struggling to convert online leads – whether you get a lot or a little – take a look at the entire process. Is it efficient and effective? Does it save you time and money? Is it convenient and responsive to prospects? Then get to work and make some changes.

New Monthly Article & Business Tools

For new business improvement articles, exclusive tools and insights on entrepreneurship, click here to subscribe to my monthly eNewsletter. When you do, I’ll also send you my free eBook, How to Build Profit Through Leverage.

10 Ways To Create a Successful Business

Posted on by Joan Nowak

When it comes to business, there are plenty of stats on business failures and why this happens. Knowing the potential obstacles certainly provides you with information that can help you avoid the pitfalls. But since our brain works better with positive reinforcement, we’ll focus on what you can and should do to create a successful business.

When we consider business success there are two fundamentals that are obvious, so I have not included them in the list. First, the business must have working capital so it doesn’t run out of cash and, second, it must have products or services that others want to buy at a price that produces a profit for the business.

With that said, there are certain things that stand out among successful businesses. Based on my experience with hundreds of small business owners, here is my list of things to consider – to help you create a successful small business.

Have an Actionable Plan. Writing down WHAT you want to achieve (goals) and HOW you will get there (actions or tactics) is a must. As a small business owner, you wear a lot of hats and have a lot to do. Without a roadmap, everything looks like a priority and the important stuff ends up on the back burner. It doesn’t need to be long and fancy. It simply needs to be clear and actionable. Successful businesses have written goals with associated actions to get there. My Ultimate Guide to Planning may help.

Think Long-Term Value. It’s natural to look for ways to save money. While it should be a priority in both good and bad times, you need to look at the big picture. Are you creating short-term profit at the expense of long-term value?

Here’s an example to demonstrate this point. When business got tough, a business owner laid off staff. As the business recovered, he made a decision to fill some of his staffing needs with temporary help to save money. Over the next year, service levels began to decline, customers left and his reputation took a hit. He saved money short-term but it had long-term implications. Think long-term value when making critical decisions for your business.

Focus on Results. As a business, you invest a lot of resources in activities – from marketing and sales to service and team building. But do you track or monitor the results to see what works and make adjustments based on what you learn? Activities that don’t produce the desired outcome, like more sales, efficiency or profit, cost you time and money. So whether you are trying a new marketing tactic, hiring a new employee or changing up your service delivery procedures, be clear on your desired outcome and monitor the actual results. Your findings will determine if you keep doing it, make some tweaks or stop doing it.

Be a Lifetime Learner. Entrepreneurs by nature tend to be self-confident. Would you start a business if you didn’t believe in yourself and your abilities? But none of us are experts at everything and sometimes we just don’t know what we don’t know. Successful owners understand this. They recognize their strengths and are willing to teach others what they know. But they are equally willing to learn from others – employees, customers, business associates and mentors. They are open to new ideas, willing to try new things and gladly give credit to others along the way.

Speak the Language of Business. You don’t need to be an accountant or a math guru — but you do need to understand the numbers that drive your business. Whether you do it yourself or hire a bookkeeper, Quick Books makes it easy for any small business to KNOW what is going on with your sales, profit, and cash flow at any time. Have an accountant to help with tax preparation and strategic planning, but take ownership of learning and understanding your financials. In doing so, you will uncover opportunities and make better business decisions.

Leverage Your Business. You didn’t start a business to become a slave to it – yet many small business owners end up working lots of hours with little reward. It’s important to simplify and get more done with a lot less effort. The key here, of course, is systems! Documenting procedures and systematizing routine and critical tasks makes it easy to do or delegate what you do consistently, effectively and efficiently – so you get more done and make more money. Systems also make life easier for you, the business owner, your team and your customers! They may not be glitzy, but they sure contribute a lot to the bottom line! My Ultimate Systems Guide may help.

Niche: Think Small to Grow Big. Intuitively, most owners know that trying to reach and serve everyone is a costly mistake. Today customers are more cautious about spending and often have more choices. To be effective, your marketing must be compelling to potential buyers. How do your products or services address their goals, desires, and problems? This is difficult to answer when you are trying to ‘talk’ to everyone. But when you employ a niche marketing strategy – think small to grow big – it’s easier, more effective and ultimately more profitable!

Here’s where to start: (a) pick a product or service – most businesses have more than one (b) identify the niche or ideal customer for your product or service; (c) identify the problems experienced by those customers and (d) communicate the solutions your products or services offer for the problems they experience. If you are not sure what the problems are, ask.

Create Profitable Growth. New business is a priority for most companies. But revenue growth will not guarantee you put more money in your wallet or bank account. Products and customers are not created equal. If new sales are coming from low margin or unprofitable customers or products, profit can erode despite the top line growth. If you can’t make a customer or product profitable, be willing to let them go!

Give Your Products a Facelift. When was the last time you actually took a look at your products and services – beyond price? The needs of customers change over time, technology and market conditions change too. Are your products or services keeping pace? Do you have opportunities to expand your offerings or reach new segments with minor adjustments? Are value-adds still valuable to the customers you serve or are you simply adding cost without a return? Which products or services are most profitable; which are unprofitable? Successful businesses routinely make adjustments – they add, delete or modify to reach new customers and keep current ones coming back.

Create Raving Fans. Getting new customers is important, but repeat business is the key to sustainable growth and profit. Go beyond satisfying customers. Make it your mission to create raving fans, who buy and spend more and tell others how wonderful you are.

It starts with their initial contact, so make the experience one they remember. Follow up and do what you promise. This alone will make you stand out. Make continuous improvement a priority. Always look for ways to better serve and wow your customers. Stay connected, keep them informed and make them feel special. Do you have a plan or formal method to do so or do you simply take action when you have time or sales fall off? It’s a lot cheaper to keep customers than it is to ‘buy’ new ones and raving fans are the best advertisement for your business.

There it is. Not rocket science huh? In fact, I believe most small businesses have the potential to be better and stronger than they are today. Define what success looks like for your business then apply some of these strategies into what you do. The results may surprise you.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Is Your Business On Track?

Posted on by Joan Nowak

We’re approaching the halfway point in the year. Now is a great time to take a step back, assess where you are and make the adjustments you need to hit those goals you set earlier this year. It’s time for a mid-year business health check.

Instinctively you may know where the shortfalls are. But take the time to evaluate all areas of the business before you start changing direction and re-allocate resources – time and money.

Here are some questions I use with clients to identify areas that need improvement or uncover opportunities to exploit. Answer some of these — then compare it to last year and/or the goals you set for this year.

Business Health Check

Revenue Mastery

Are sales higher than the same period last year? By how much?
How many new customers did you get?
What is your average transaction amount?
How many quality leads are you getting each month?
What is your sales conversion rate?
Have you lost any customers? If so, how many (and why)?

Product/Service Mastery

How are sales of new or repackaged products/services performing (if applicable)
What is the mix % for your key products/services? Are there any significant changes?

Operational Mastery

What is your revenue and gross profit per employee?
What is your labor as a % of sales?
Are customer satisfaction or feedback scores improving?
What is your quality % to date? Note: this reflects reworks or rejects
What is on-time delivery % to date?
How many customer complaints? What is $ value and % resolved by front-line employees?
What % of how-to-manual is complete?

Team/People Mastery

What, if any, employee turnover has occurred?
Do all positions have a backup or ready replacement (cross-training)
Do you have the right people to get the results you want? What skill-gaps, if any, exist?
Do you have the right suppliers (and backup) to meet your needs? How do you measure success?

Profit / Financial Mastery

What are your gross profit margins (%) to date?
Has cumulative cash flow for the year been positive?
Is your operating margin or EBIT higher than last year?
Is your business debt higher, lower or the same when compared to last year?

Once you identify the gaps or opportunities, set priorities based on what is most critical for your business success. Next, identify what you need to do (the actual tasks) to improve the results. Then start implementing!

More Profit Building Ideas

If you are looking for some ideas to improve your sales, marketing, service, team, profit and more, click here to download my 155+ Profit-Building Ideas.

Strategy, innovation and planning crossword

Success in Business and Life Takes Planning

Posted on by Joan Nowak

Nobody goes into business planning to fail. Unfortunately, they may end up there because they fail to plan. A good plan isn’t complicated. In fact, simple works best. But, if done effectively, it will keep you focused on priorities, so you stay on track and actually accomplish more.

6 Tips To Improve Planning

Action vs. Business Plan. While a business plan has its purposes, bank financing among them, a concise action-oriented plan will serve most business owner’s needs. It’s for your use – your road map or blueprint to success.

Keep it simple and short (5-7 pages at most). Don’t strive for perfection. Simply lay out your goals, the actions (tasks) you need to do, and time-frames for completion. Don’t forget to incorporate ownership for critical tasks and measurements to evaluate success. When it comes to planning, consider the words of General George Patton, ‘A good plan violently executed today is far and away better than a perfect plan tomorrow.’ Sometimes simple is sophisticated.

Plan Annually and Review Quarterly. It’s best to start a year with an annual plan, broken down into four quarters. But don’t let your plan collect dust on the shelf. Review it monthly or at least quarterly so you can make adjustments. Assumptions you made earlier may no longer be valid. Competitors and suppliers make adjustments. Economic conditions change. Staff and customers’ needs may change. Your plans need to reflect this.

Look Back Before You Plan Ahead. Know where you are today before you start planning where you want to go. Look at your financials and key numbers. How do they compare against your last year goals and your industry? Then take a few minutes to write down your accomplishments (big and small) for the previous twelve months or last quarter. It’s important that you recognize the things you did well. Finally, make a short list of the things you didn’t accomplish and ask yourself what held you back and what lessons did you learn. Don’t dwell on these, but apply lessons learned as you move forward.

Chunk, Chunk, Chunk. Big goals are nothing more than a series of much smaller ones. If a goal you want appears too big to conquer or takes a long time to accomplish, chunk it up into smaller ones over shorter time periods.

For example, if a business wants to increase team productivity by a certain percent this year, they will likely have a series of tasks such as developing and communicating productivity goals, document and streamline delivery procedures, create a team incentive, train the team on new methods, hold monthly team meetings, etc. These smaller ‘tasks’ are much easier to handle and together will move them toward the bigger goal. Remember, ‘By the yard, goals are hard; but by the inch, they’re a cinch’.

Think Big. It pays to think big when setting goals. The old saying ‘shoot for the moon, if you fall a little short, you’ll land among the stars’ explains why. Often we set safe goals because we fear failure or simply can’t figure out how we can get there. Sure it’s safe to set a 5% growth or improvement goal — but what if you chose instead a 30% improvement and asked for advice on how. Employees, alliances, suppliers, other business owners and yes a business coach are all great sources for new ideas, but you need to ask. What if you fall a little short and only grow 25%? You are still better off than you would have been with a 5% improvement! So think big, believe you can and ask for help if needed.

Measure, Measure, Measure. Would you ever play a round of golf and not keep score? Not likely, because you want to know if you improved or beat your previous best. The same is true in business. If we don’t link measurements to our goals, we have no way to evaluate how we are doing. What we measure, we can improve.

So what are some of the things you should track and measure? Revenue, gross profit margins, fixed expenses and net profit are obvious and most owners track these. But depending on your goals, industry, and type of business, the others you track will vary. Here are a few examples of some common Key Performance Indicators: number of leads, sales conversion rate, average sale, A/R days, on-time delivery, quality percentage, customer and employee satisfaction ratings and labor as a percent of sales.

So now you have the recipe. Start taking the steps you need to plan and achieve the success you want. For more help with planning, check out my Ultimate Goals and Action Plan Guide.

More Business Improvement Ideas.

Pricing: 6 Common Mistakes to Avoid To Build Profit

Posted on by Joan Nowak

What should I charge? A common question for many small business owners. Charge too little and profit suffers, charge too much and sales decline. When it comes to pricing your products or services, there is no right or wrong answer. But, your long-term growth and profit will ultimately reflect the decisions you make. So here are common pricing mistakes to avoid AND some things you should consider to maximize your bottom line.

Common Pricing Mistakes

Lack of controls on discounting. Discounts and special offers may have their place, but if used as a standard closing tool, it costs you a lot of profit. Have a strategy and purpose when it comes to offering discounts.

Cost-plus pricing. Setting your prices based on a standard markup and cost ignores value and competition. Some products or services end up over-priced; but more often in small businesses, many are under-priced – leaving profit on the table. Know your costs and have a profit margin goal – but raise or lower your selling price based on competition and value.

Inadequate systems for tracking competition. You need a method to periodically check what competitors are doing in terms of price, value, and products or services. Google alerts and other on-line services can make this easier to monitor.

Poor execution on price changes or increases. Changing prices is part of doing business. But how you communicate and implement the changes can make a big difference in retention and new business.

Price inconsistencies. While you may operate locally or regionally, your customers have access to information nationally and globally. If the trade-off between price and value is not strong for your products or services, your price may appear unfair or too high. Be aware of all their options and consider this in pricing decisions.

Incentives based on revenue not profit measures. Sales incentives or commissions based on sales versus profit can have a big impact on margins. It tends to encourage discounting and easy sales (lower margin products) – instead of high-margin premium products.

What Should I Charge?

There are a lot of factors that go into your pricing decisions, such as cost, competition, market conditions, quality and other intangibles like service and convenience. So instead of asking what should I charge, start with a much more relevant question: How much do customers value the products, services or other intangibles I offer?

Here are some additional questions you might want to consider as you develop your pricing:

Do I want to maximize sales or maximize profit – overall and at the product or service level?

Do I want to use cost-plus pricing or value-based pricing?

Should I have a single price or multiple pricing based on targets or other factors?

Should prices vary in different geographic areas based on costs, competition, and/or market conditions?

Do I plan to use a variety of distribution channels? If so, how will the pricing vary?

Should I use quantity discounts? If so, how will they be used.

What image do I want my price to convey? Quality, convenience or low cost?

How flexible can we be in pricing? Can we customize or semi-customize? Can we adjust pricing quickly based on market conditions?

Do price points already exist for the products or services? If so, what are they (range) and how do they differ from high price to low price?

How visible should my prices be? From highly visible, to help promote a low price or reinforce the quality image, to hidden, to generate interest unhindered by price considerations.

Are there bundling, packaging or joint product considerations? Bundles typically provide more value or savings than buying the items individually.

Pricing and Marketing

Pricing is one of the elements of marketing and is related to your products positioning, such as quality, convenience or low cost. But it also affects the other elements such as product features, channel or distribution decisions, and promotion. You can’t fund these things if your pricing strategies produce little or no gross profit margins. You can, however,

Limit the low margin products you sell – and promote the heck out of premium or higher margin products or services

Look for ways to reduce ‘product or delivery’ costs so more profit falls to the bottom line

Find alternate, cost-effective ways to get your products or services to customers – joint ventures or the web are just a few.

Identify cost-effective ways to add value that customers will pay for – so you can raise prices more than the cost of the value added.

Differentiate yourself so you stop competing on price

Pricing is one of the key profit levers in your business. Don’t just throw a price out there and hope for the best. Give it a little thought, do a little research. When done properly, here’s three things YOUR pricing should do:

Achieve your financial goals and profit objectives. The key here is to have objectives and know your true costs.
Fit the realities of the market place. Will customers buy at that price based on value and competition?
Support your positioning and other elements of your marketing, such as distribution channels, promotions, and product uniqueness.

Consider all three when you establish your prices and you’ll stay on the path to sustained profit and long-term growth.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

How to Get More Sales While Spending Less

Posted on by Joan Nowak

When sales and profit decline, business owners react in various ways. Some look to cut expenses while others look to get more sales and customers by investing in advertising and other lead generation strategies.

Controlling expenses is important whether profit is up or down. But cost cutting is typically a short-term fix. You can only cut so much and still have a business. While a business requires a steady flow of leads to sustain growth and replace lost customers, lead generation strategies are typically the most costly methods to grow revenue.

So what should you do? Before you invest time and money generating new leads, know and understand the other factors that drive your revenue: sales conversion rate, the number of transactions and average dollar sale.

For many small businesses, these are untapped profit opportunities. They offer a lot of room for improvement at substantially lower costs!

Sales Conversion – Your Efficiency Measure

Sales conversion rate is simply how many leads you or your sales team convert to paying customers. Think of it as an efficiency measure for sales. What is your sales conversion rate? If you don’t know, track it. After all, leads that are not converted to sales are a waste of time and money!

Tips to Improve Your Sales Conversion Rates

Define your ideal customers and understand what is important to them. Without clear targets, every lead looks like a great opportunity.

Recognize your company’s strengths and weaknesses. Be honest with yourself. What do you do well from the customers’ perspective and profitably? If you are not sure, ask your ideal customers. Then focus on prospects that NEED what you do well and be willing to let go of the others.

Differentiate yourself with a guarantee. If you consistently deliver critical benefits for your target customers, a guarantee is a great way to reduce the buyer’s perceived risk, overcome obstacles and convert sales. The key to an effective guarantee – make sure your delivery is consistent and make sure it is relevant or important to your target market.

Create a sales management system – a consistent approach you use for every lead. Know the key points of contacts and where prospects are in your sales funnel.

Know why customers buy. What benefits do your customers get when purchasing your products or services? Ensure sales messages and discussions communicate this. Prospects may ask about features, but they buy benefits.

Set sales and milestone goals and track them. Key events in the sales cycle, such as face-to-face meetings or requests for quotes, are indicators of progress. Tracking tells you where prospects fall off so you can improve your sales system. Remember, what you measure, you can manage and improve.

How Much & How Often Measures

The number of transactions relates to frequency – how many times your customers purchase from you over a specific time period, typically one year. The average dollar sale represents how much customers spend each time they do purchase. What would your bottom line look like if your customers made one additional purchase each year or bought one more product or service when they purchased from you?

For most owners, the answer is ‘substantially better than it does right now’. Small improvements in these areas can increase revenue or sales without acquiring new customers. Tap into your existing customer base and watch your profits grow.

Ways to Increase Transactions and Average Dollar Sale

Develop or maintain your customer database so you can keep in touch or quickly respond to sales opportunities. Think email, mail and phone so you capture the relevant information.

Stay connected with your customers by phone, mail, email or through social media. While the frequency may vary based on the type of business, every customer should receive a ‘touch’ at least once per quarter.

Make valuable customers feel more appreciated than non-customers or prospects. While new customers are critical to growth, make sure current customers get some VIP treatment. Programs, offers or specials just for current customers work well.

Look for opportunities to sell multiple products or services. Educate customers on the range of services you offer, create checklists of typical add-on offerings for key products or services, bundle or package products and services, implement sales scripts, free trials, or special offers on additional services with their primary purchase.

Train your team in sales and service. Wow your customers with consistent delivery so you create raving fans who spend more and buy more often!

On a final note, know the numbers! If you want to improve sales conversion, the number of transactions or your average dollar sale then track it, set goals, implement a strategy and celebrate your teams’ success. Your bottom line will thank you!

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Is Your Lead Generation Delivering Results?

Posted on by Joan Nowak

Are your marketing efforts providing you with lots of quality sales opportunities or are you spending money attracting the wrong people? While the number of leads created through marketing is important, the quality of your lead generation is the key to sales conversion and better results!

Effective Marketing Can Pre-Sell You

When done well, marketing makes sales easier, less expensive and more enjoyable. Think about the last few times you got a call from a prospect who was referred from a customer or power partner. Was it an easier conversation and did it turn into a quote or sale? For most businesses, the answer is yes because the prospect was pre-sold. He / she already understood the benefits and value you provide before they spoke with you.

Imagine your marketing doing the same thing – pre-selling people so they raise their hand and say tell me more. So how do you create effective, affordable ways to pull people in? Go back to the basics.

Often when I talk with business owners about marketing, they jump right into a discussion on what they are doing, the tactics, such as direct mail, print, networking, social media, etc. Some of which works, much of it does not. More often than not, they place the blame on the medium, ‘I tried direct mail, it doesn’t work’.

The problem here is that it ignores two of the three elements in any successful marketing. If you want marketing to pull prospects to you (so you can stop chasing them), then you must create synergy. Without it, your marketing is destined to fail.

3 Magical Elements for Great Marketing

Your Market. Who are your ideal targets for the products or services you offer? Yes, you may have a few different groups (or niches) – but ultimately not the universe. You can’t solve problems and provide solutions for everyone. Who are the people you can best serve with your products and services? Think smaller to grow bigger!

Your Message. Once you know who you are talking to (target market), your ability to create a message that is compelling is far greater. Your message is what communicates what you offer, the problems you solve, the hopes you fulfill and the reasons people should care – what’s in it for me, the customer. You may have a great message but if it doesn’t resonate with YOUR target market, your marketing will fail.

Your Medium (Method). This refers to the vehicles or tactics you plan to use to deliver your message to your target market. The methods you choose, and there should be more than one, will depend on your target and what your message contains.

So what is the biggest challenge for small businesses? For many, it’s clearly defining their targets. It’s a fear that serving smaller, niche markets would eliminate sales opportunities. Ironically, the opposite is true.

A niche allows you to build a reputation as an expert in your field so prospects view you or your company as someone who really understands THEM. Experts easily attract new customers who pay more and gladly tell others. In marketing, it is better to be a big fish in a small niche market than a small fish to the masses.

Here’s a simple approach to get clarity around YOUR targets and create small niches:

Start with a list of customers for your current products or services. Focus on the top 15-20 ideal customers and write them down. Jot down what you know about them – including demographics such as industry type, business revenue, the number of employees, net worth, and household income.

Next, add some other ‘characteristics’ – Consider how they work with you, what is important to them, what do they purchase (one or more services), how do they pay, what values are important to them? Just put down what comes to mind.

Next, find out what problems they are having, difficulties they face, what they really want. The key – do not assume – ask.

Next, look for common characteristics, data, and problems and create ‘sub-groups’. If you are like many of my clients, you will start to see some patterns evolve. You may end up with 3-4 different clusters; that’s OK as long as they are clearly defined.

Finally, take a look at each sub-group and articulate who they are. Think about how you would describe them to others – your team, referral partners or even your children – and be specific.

Once you have clarity on your ideal targets, creating compelling messages and identifying the best method to reach them is so much easier. Give it a shot. You’ll be amazed at what you learn and how it helps you attract the customers you really want.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Networking: 10 Do’s & Don’ts To Make Your Efforts Pay Off

Posted on by Joan Nowak

If you are a real people person, networking is likely something you enjoy. But for many owners and professionals, networking is hard work because it takes them out of their comfort zone. The good news is that effective networking requires skills that can be learned and mastered, even if you are not naturally outgoing.

If networking is one of your strategies for developing new relationships and potential business, then here are some do’s and don’ts to make yours pay off. Do’s and Don’ts to make yours more effective.

10 Ways To Get More From Networking

Have a Plan. There are a variety of ways to network. You can join business associations, chambers or groups, get involved with community organizations or your local rotary, attend social or business events, participate in workshops or classes, or go to trade shows.

All of these provide access to new people and a way to stay connected. But they are only beneficial if they provide access to the people you want or need to meet. Be clear on what you want then take the time to research options, talk to like-minded business owners and ask questions. Then plan your networking and work your plan.

Set Goals. Specific, measurable networking goals help you monitor results, modify your approach, and keep you focused on priorities. Include goals around both activities (how much you will do) and results (outcomes you expect). Here are a few questions to consider as you establish your networking goals. How many events or seminars will you attend each month? How many groups will you formally join and participate in this year? How many new prospects do you want to meet each month or at each event? How many new alliance relationships do you want to build?

Prepare. Before you attend, take a few minutes to prepare. If you need a commercial, prepare one. Check who else is attending and identify anyone you want to connect with. Also, remember to take business cards or other materials that are appropriate.

Take Notes & Get Contact Information. Business cards are an easy way to get contact information. Use the reverse side to make notes about the contact and any follow-up actions you commit to doing. Keep a small notebook or use your smart phone to jot down notes or contact information for times when business cards aren’t available. As you gather contacts, think quality, not quantity.

Listen. Listening is one of the key skills for building relationships in business and in life. If you go to events ready to talk, you miss the chance to learn, help, give back, uncover opportunities and build relationships. Do you listen to hear and understand? Do you remain in the moment or think about the next person you want to meet? Master this skill and you will shine at networking.

Don’t Sell. While most people like to buy, nobody wants to be sold. Not on the phone, not at your business, and especially not at an event. Use your networking to build a foundation for future opportunities. Be patient.

Take Initiative. Most of the people in the room are there for the same purpose you are – to meet new people, reconnect or learn something new. So don’t hang out in the corner or sit down at a table. Mingle! Be willing to approach people, introduce yourself and simply break the ice by asking a question or comment. If you struggle with this, consider preparing a few relevant questions ahead of time.

Do Create Win-Wins. Networking is not about collecting business cards, but rather about creating mutually beneficial relationships. In other words, helping others and getting help in return. While help may be in the form of customer referrals, it may also be new connections, resources, information or ideas. Networking should never be one-sided. Don’t go in with a ‘what’s in it for me’ attitude or people will peg you as a user. On the other hand, abundant giving without receiving will cause resentment. It’s all about balance – and creating win-win relationships. Seek out the right people so you can give with abundance and receive with abundance.

Get Involved. Did you ever notice how well you get to know people when you work together on a project or committee? It’s a natural. So don’t just show up at events. Join a committee, serve on the board, or contribute your services to the organization to help them grow. It’s a great way to give back to the community, build your reputation, get to know like-minded people and develop some friendships along the way.

Have a Follow-Up System. A brief conversation at an event rarely produces an immediate customer or power partner. It is merely the starting point for building the relationship. Too often these opportunities are lost simply because there is no follow-up. A good networking system should provide a method to capture contact info, initiate meetings or calls, send relevant information, etc.

Networking, like other marketing strategies, needs to generate a return. Make sure your time and money investment pays off on the bottom line.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Is Your USP Compelling to Those Who Matter?

Posted on by Joan Nowak

As business owners, we all recognize the need for uniqueness, something that makes us stand out from the crowd so we don’t simply compete on price. While not always easy, it is important because your unique selling proposition dramatically improves your marketing results by accomplishing three things:

Unique – sets you apart from competition, makes you the logical choice

Selling – persuades someone to exchange money for your products or services

Proposition – offer or promise for acceptance by others

It should answer the question, Why customers choose us? When I ask this of business owners, they typically start listing things like great service, open good hours, a range of choices, quality people, etc. Then I hit them with the following: Is this list based on your beliefs or a real understanding of your customers?

So before you start brainstorming ideas for a better value proposition, do a little research.

Think Like Your Customers

Many small business owners assume their customers are just like them – with the same values, beliefs, needs, problems, and motivators. Even when it is obvious that your ideal customers are different. It’s easy to fall back into the trap and apply your own beliefs.

You need to know what they think and why, so ask! What makes them come back? Is it service, convenience or reliability to name a few. What is it about your service that they love? Is it friendliness, knowledge, or maybe your willingness to help. Now for the million dollar question: Why is this important to them?

What Motivates Customer Buying Decisions. One of the biggest myths is that customers buy based on needs alone. If this were true, why would people buy a Mercedes when a Hyundai would fill the same need for transportation?

People may have a need before they consider buying, but actual buying decisions are emotional, based on desires and other motivators. Image, safety, savings, convenience are just a few that drive people to open their wallets or sign on the dotted line. So what motivates your customers to go beyond consideration and actually buy? Get your arms around this and your messages will attract more customers to your business.

Weigh the Competition

What options do your customers have when it comes to buying the products and services you sell. Why do they choose you? Sounds simple, but the answer to this question may shed a lot of light on your business that you can capitalize on, in marketing, sales and service delivery.

Today customers have far more choice. Technology has removed geographic boundaries, developed new distribution channels, made customization (or the appearance of it) more accessible, and created leverage opportunities for many small businesses.

But if you want to capitalize on the opportunities and create a compelling reason to get customers flocking to you, start by improving your customer knowledge.

There are a variety of ways to get information about your customers. The most obvious and effective way is to ASK them. Depending on your business, you can do this with face-to-face interviews, phone discussions, online surveys or small, informal focus groups (aka lunch). When customers know you ‘get it’ and really understand them, they gladly reward you with more business.

Bring Your USP To Life

Figuring out what makes you distinctive or better is certainly important. But the real power of your USP comes from the positive emotions it can arouse. To do so, you need to bring it to life and make it memorable. In other words, how do you capture the emotional gratification promised by your products or services – in a short phrase or a few words.

Think tagline. A tagline, often used with your logo, is a word or phrase that identifies and explains a company’s benefit to the customer in a meaningful way. An effective one will have a personality all its own and connect with the customer in some sort of emotional way that makes it memorable.

Keeping it short is a key – but here are a few other factors you should consider:
Focus on the promise (result or benefit) not the feature or work you offer
Keep it vague enough to leave room for imagination
Convey a positive feeling
Give it impact, emotion or passion
Be consistent with your customers’ perception of your business – your strengths
Avoid sounding like a commodity!

Now don’t get paralyzed as you work through this. Your USP may change over time as your business evolves and you gain an understanding of customer motivators. So what are you selling and how does your USP convey this?

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