If you’re like most of the business owners I worked with in my business coaching practice, the “New Economy” has allow you to make some mistakes during the first half of 2009. As we make the “turn” into the second half it’s important to reflect on those mistakes. This way, we won’t make them again in the second half of 2009! Here then, are the Top 12 Mistakes I’ve seen business owners make so far this year:
1. You said “Yes” When You Should Have Said “No”
There you were plugging along in your business in the first quarter, making the most of the action items you had on your agenda for the year. You’re cutting through them like a warm knife goes through butter! Then the phone rings… It’s one of your favorite clients calling to ask you a favor. It’s in the following moments where you will determine whether or not to stay the course for the year, or whether you will you will entertain reaching outside of your primary business to help. Granted, the new economy has caused us to rethink our revenue streams, and unfortunately entertain new business ventures that previously wouldn’t have been considered. In our new book “Influential Sales” we discuss how it is that you should stay within the primary boundaries of your service offerings. While it may seem to be a great idea to go outside of those boundaries in order to secure additional revenue, more times than not that strategy will backfire. So what should you do when you are offered such an opportunity? Should you really say “No”? E-mail us at info@pathosleadershipgroup.com and we’ll send you the way to say “Yes” through and “No”!
There you were plugging along in your business in the first quarter, making the most of the action items you had on your agenda for the year. You’re cutting through them like a warm knife goes through butter! Then the phone rings… It’s one of your favorite clients calling to ask you a favor. It’s in the following moments where you will determine whether or not to stay the course for the year, or whether you will you will entertain reaching outside of your primary business to help. Granted, the new economy has caused us to rethink our revenue streams, and unfortunately entertain new business ventures that previously wouldn’t have been considered. In our new book “Influential Sales” we discuss how it is that you should stay within the primary boundaries of your service offerings. While it may seem to be a great idea to go outside of those boundaries in order to secure additional revenue, more times than not that strategy will backfire. So what should you do when you are offered such an opportunity? Should you really say “No”? E-mail us at info@pathosleadershipgroup.com and we’ll send you the way to say “Yes” through and “No”!
2. You’re Not Marketing on the Internet
It’s official, the Internet is here to stay! I find it hard to believe the number of businesses that believe that they do not need to have a presence on the Internet superhighway. Do they need a special invitation from Al Gore himself? What’s worse is that I continue to see people who do not utilize a website for their marketing or advertising purposes. Your 24 X7 marketing billboard should be firmly in place for the world to see, no note from Al required!
It’s official, the Internet is here to stay! I find it hard to believe the number of businesses that believe that they do not need to have a presence on the Internet superhighway. Do they need a special invitation from Al Gore himself? What’s worse is that I continue to see people who do not utilize a website for their marketing or advertising purposes. Your 24 X7 marketing billboard should be firmly in place for the world to see, no note from Al required!
3. Social Media is Not in your Arsenal
There are so many options to connect right now online for free, from Facebook to LinkedIn to Twitter to MySpace to YouNameIt the opportunities to connect have never been greater or easier than they are right now. Each of these spaces should be utilized not only to tally your message, but to leverage your business. If you’re pre-teenage son, daughter or neighbor can do it, why aren’t you?
There are so many options to connect right now online for free, from Facebook to LinkedIn to Twitter to MySpace to YouNameIt the opportunities to connect have never been greater or easier than they are right now. Each of these spaces should be utilized not only to tally your message, but to leverage your business. If you’re pre-teenage son, daughter or neighbor can do it, why aren’t you?
4. You Relied on “Old Techniques” in the “New Economy”
The new economy has caused each of us to stretch in different directions. This stretching has been most evident in old techniques versus new techniques. The new economy requires totally rethinking your techniques and how they can be applied in this new economy. We discuss this in-length in our book “Influential Sales”… If you’d like a FREE chapter, send us an email to info@pathosleadershipgroup.com.
The new economy has caused each of us to stretch in different directions. This stretching has been most evident in old techniques versus new techniques. The new economy requires totally rethinking your techniques and how they can be applied in this new economy. We discuss this in-length in our book “Influential Sales”… If you’d like a FREE chapter, send us an email to info@pathosleadershipgroup.com.
5. You “Talked” when You should have “Listened”
Customers today behave unlike the customers of yesterday. They require better questions, ones that hit them right between the eyes and make them think about what it is that they can enjoy as a result of participating with your product or service. The customers of the new economy like to talk, and in order to do so you must ask questions that are powerful. When you do have such powerful questions and ask them, you must be in position to stay engaged in the conversation and continue to ask powerful questions. I can’t tell you how many times I’ve heard of successful salespeople talking themselves out of the sale, either because they lack powerful questions or they just can’t stay engaged in the conversation (They’re usually thinking ahead of the customer, trying to figure out what needs to be said next! Big mistake…) Just when the sales seem to be in reach, they blew it by asking questions and talking more than they should have. In this instance, the customer has sold them on “No”!
Customers today behave unlike the customers of yesterday. They require better questions, ones that hit them right between the eyes and make them think about what it is that they can enjoy as a result of participating with your product or service. The customers of the new economy like to talk, and in order to do so you must ask questions that are powerful. When you do have such powerful questions and ask them, you must be in position to stay engaged in the conversation and continue to ask powerful questions. I can’t tell you how many times I’ve heard of successful salespeople talking themselves out of the sale, either because they lack powerful questions or they just can’t stay engaged in the conversation (They’re usually thinking ahead of the customer, trying to figure out what needs to be said next! Big mistake…) Just when the sales seem to be in reach, they blew it by asking questions and talking more than they should have. In this instance, the customer has sold them on “No”!
6. You got Nervous and Went into New Markets
When sales are down, you may have been tempted to enter into new markets and perhaps work with new customers. Granted, if the market you served disappeared, or got wiped out overnight thanks to the second half of 2008, you needed to head somewhere! However I saw far too many business leaders starting to panic way too early and head into markets that they had no expertise, nor any business being in. We had a saying in New Orleans that went something like “If you’re scared, say you’re scared!” I think the shoe fits perfectly here as well.
When sales are down, you may have been tempted to enter into new markets and perhaps work with new customers. Granted, if the market you served disappeared, or got wiped out overnight thanks to the second half of 2008, you needed to head somewhere! However I saw far too many business leaders starting to panic way too early and head into markets that they had no expertise, nor any business being in. We had a saying in New Orleans that went something like “If you’re scared, say you’re scared!” I think the shoe fits perfectly here as well.
7. You Quit Too Soon
Again when sales are down, some leaders started to panic and they started looking for new opportunities (New market, your product, new salespeople...) However, by doing so they just quit too soon on their traditional business and service lines! How many times during the first half of 2009 did you find yourself questioning your current direction, or actually changing direction and sailing into new areas when if you had stayed the course you would have been better off?
Again when sales are down, some leaders started to panic and they started looking for new opportunities (New market, your product, new salespeople...) However, by doing so they just quit too soon on their traditional business and service lines! How many times during the first half of 2009 did you find yourself questioning your current direction, or actually changing direction and sailing into new areas when if you had stayed the course you would have been better off?
8. You Stopped ABC’ing
The ABC’s of sales say that you should Always Be Closing. Many salespeople have moved away from this ABC philosophy. Why? I believe that they were under the impression that their “New Customers” in the “New Economy” were more intelligent and knew more about their products/services than they did. While in some instances, this was correct (What we call a “Transparent Transaction” at Pathos). However in far too many cases, this couldn’t be further from the truth. Instead, what happened was that salespeople stopped selling! Here’s a case in point… What used to take at least seven touches for a sale to be made, the new economy required no less than 10 to 12 touches. If your sales staff didn’t believe in the product, didn’t enjoy the accounts they were servicing, felt as though the grass was greener on the other side, or let’s just say they were weak then these were the true causes for the ABC’s of sales to cease.
The ABC’s of sales say that you should Always Be Closing. Many salespeople have moved away from this ABC philosophy. Why? I believe that they were under the impression that their “New Customers” in the “New Economy” were more intelligent and knew more about their products/services than they did. While in some instances, this was correct (What we call a “Transparent Transaction” at Pathos). However in far too many cases, this couldn’t be further from the truth. Instead, what happened was that salespeople stopped selling! Here’s a case in point… What used to take at least seven touches for a sale to be made, the new economy required no less than 10 to 12 touches. If your sales staff didn’t believe in the product, didn’t enjoy the accounts they were servicing, felt as though the grass was greener on the other side, or let’s just say they were weak then these were the true causes for the ABC’s of sales to cease.
9. You Stopped cold calling
Nobody likes to cold call, however what do you do when you run out of customers and their referrals? You’ve got to attempt to grow your business? Unfortunately whether you want to believe it or not, cold calling is an effective way of growing sales. The new economy has caused me and my clients to look at new strategies for how it is that we can effectively cold calling. Gone are the days of going through the phone book and dialing for dollars. Today’s cold calling strategy requires your best game plan!
Nobody likes to cold call, however what do you do when you run out of customers and their referrals? You’ve got to attempt to grow your business? Unfortunately whether you want to believe it or not, cold calling is an effective way of growing sales. The new economy has caused me and my clients to look at new strategies for how it is that we can effectively cold calling. Gone are the days of going through the phone book and dialing for dollars. Today’s cold calling strategy requires your best game plan!
10. Your Service Fell Short and You Didn’t Realize It!
So sales are down, and were co-piloting the Tidy Bowl boat which is about to go right down the pipe to Omaha! We’re trying new products, we’re looking at new services, we’re entering into new markets that we hadn’t thought of before and here is the worst part, customers are still defecting! Worse yet, we don’t even realize it! We’re so focused on new conquest sales that we have forgotten about the customers who have gotten us to where we are! In other words, our insatiable appetite for more sales, any sales at that matter, has led us to not fully engage with the clients we currently should be dealing with. Pay attention to your current customer base.
So sales are down, and were co-piloting the Tidy Bowl boat which is about to go right down the pipe to Omaha! We’re trying new products, we’re looking at new services, we’re entering into new markets that we hadn’t thought of before and here is the worst part, customers are still defecting! Worse yet, we don’t even realize it! We’re so focused on new conquest sales that we have forgotten about the customers who have gotten us to where we are! In other words, our insatiable appetite for more sales, any sales at that matter, has led us to not fully engage with the clients we currently should be dealing with. Pay attention to your current customer base.
11. You Forgot Why You Do What You Do
Let’s reflect for a moment… Why did you get into the business you are in? Was it because you want to make some money? Was it because you love the long hours? Was it because you’ve got nothing better to do? The moments when the water level lowers, that’s when we get to see where the rocks are out in the lake. During the good times, when water and business are a plenty, you can scoot our boat right across the top of those rocks without any damage to the boat. However with this new economy, and the new water level associated with it, running our engine wide open could be devastating without proper navigation. Now we can buy some fancy equipment, and dodge those rocks and not cause any harm to our boat. But why are we really there? What do we enjoy the most during good times? What will we enjoy the most during future good times? Why do we do what it is that we do for a living?
Let’s reflect for a moment… Why did you get into the business you are in? Was it because you want to make some money? Was it because you love the long hours? Was it because you’ve got nothing better to do? The moments when the water level lowers, that’s when we get to see where the rocks are out in the lake. During the good times, when water and business are a plenty, you can scoot our boat right across the top of those rocks without any damage to the boat. However with this new economy, and the new water level associated with it, running our engine wide open could be devastating without proper navigation. Now we can buy some fancy equipment, and dodge those rocks and not cause any harm to our boat. But why are we really there? What do we enjoy the most during good times? What will we enjoy the most during future good times? Why do we do what it is that we do for a living?
12. You Thought You Could Go It Alone!
The old saying “When the going gets tough, the tough get going” is wrong! I see far too many CEO’s and Key Leaders in organizations today who believe that they can work their way out of this new economy by putting in longer/harder work days. That’s insane! The outcomes from their efforts include less productivity, less revenue, more weight gain, receding hairlines and marriages that end up on the rocks! It doesn’t have to be this way. If the first half of 2009 has not brought you to where you need to be, the year is still salvageable. We are working with leaders and their organizations on solid, scientific business principles that are allowing them to not only sustain, but grow their businesses in this new economy! Send us an e-mail today at info@pathosleadershipgroup.com and we’ll schedule a Complementary Coaching Strategy session. Unless that is, you’re satisfied with where you’re at?
The old saying “When the going gets tough, the tough get going” is wrong! I see far too many CEO’s and Key Leaders in organizations today who believe that they can work their way out of this new economy by putting in longer/harder work days. That’s insane! The outcomes from their efforts include less productivity, less revenue, more weight gain, receding hairlines and marriages that end up on the rocks! It doesn’t have to be this way. If the first half of 2009 has not brought you to where you need to be, the year is still salvageable. We are working with leaders and their organizations on solid, scientific business principles that are allowing them to not only sustain, but grow their businesses in this new economy! Send us an e-mail today at info@pathosleadershipgroup.com and we’ll schedule a Complementary Coaching Strategy session. Unless that is, you’re satisfied with where you’re at?
