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Coaching-An Adapting Tool For Attaining Fulfillment In The Global Economy
At a time when the global economy is bringing innovation, new ideas and new opportunities into the marketplace, outsourcing and the elimination of white-collar jobs has left many of us feeling anxious and insecure about the future. It is...
Compensation Committee 101: What Does It Do?
Upper Saddle River, N.J. – June 8, 2005 - The increased focus on the size of Executive Compensation Packages and their apparent disconnect with the realities of company performance have placed tremendous concern on a company’s decision making...
Creating a Business Strategy
On a scale of one to ten, having a good business strategy rates
about a fifteen!
No matter what kind of business you have -- whether you sell
products or a service, as the saying goes, "if you fail to plan,
then you're really planning to...
Quality consulting major consumer products company
Organizational TQM Assessment The executive staff was trained on the key components of the Malcolm Baldridge criteria, and facilitated discussions that resulted in a baseline evaluation of the organization's TQM implementation. The Baldrige...
What You Must Do for One Whole Day, Every Week for Your Business
Do you experience periods of feast or famine in your business?
Do you only think about marketing when you realize you are
running low on clients? Do you have some steady clients but
you'd love to have more? Or are you still struggling to...
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What You Must Do for One Whole Day, Every Week for Your Business
Do you experience periods of feast or famine in your business?
Do you only think about marketing when you realize you are
running low on clients? Do you have some steady clients but
you'd love to have more? Or are you still struggling to barely
reach your key business goals? If any of these situations
describe you, and you are serious about making some changes, I
have an idea for you. First, a few more questions.
Be honest, how much time do you spend on business development,
activities to sustain and grow your business? How often do you
take action to develop your business? Do you do it randomly
whenever it occurs to you? If you are like many business owners
you are planning to do it later, when you have more time, after
you have finished all of the urgent things you are doing that
keep you so busy. How's that working for you?
It won't happen unless YOU make it happen. The key is to plan it
and do it consistently. You've probably heard this quote from
Einstein before and it is worth repeating here - "Insanity:
doing the same thing over and over and expecting different
results."
So what will it take? I am asking you to spend one entire day,
each week (even better if it is the same day each week) on
business development. This will allow you to avoid distractions,
stay focused and get into the flow of what you are doing. If you
can't set aside an entire day, you can break it up. Just make
sure you are spending at least 20% of your time on business
development which means you will need to track how much time you
devote to it.
If you are a solopreneur it is up to you to do this. If you
realize that you haven't been doing enough business development,
and you know you never will, consider outsourcing. If you have
employees, you can choose to be the one to do this or you can
delegate it someone else. No matter what, it must be done and
done consistently.
Spending one whole day on business development every week will
force you to rethink how you are spending your time. You will
need to start thinking about creating solid systems and
leveraging everything you do so that you can get more done in
less time. You never know, you may even discover that there is
much more business than you ever realized and that it is time to
add more people to your company!
So what are effective business development activities? Here is a
short list to get you started:
- Contact
Associated Websites
prospective clients with your offer (direct mail,
e-mail, call). This one is rather obvious and yet we somehow
always find a way to avoid it. Be courageous and get into action.
- Ask existing clients if they can refer you to new business.
Existing clients are hopefully happy with your products/services
otherwise they wouldn't be clients. Because of this, they are
likely to want to help you if they can. It's your move to ask.
- Check in with previous clients. If you are on good terms with
inactive clients you can ask them if they may be interested in
your products/services again or you can offer them something
new. You can also ask if they know other people who may be
interested in your products/services.
- Contact potential strategic alliance partners. These are
companies who sell different products/services than you do and
whose clients fit with your ideal client profile.
- Develop a new product/service and promote it. A new
product/service may be attractive to new clients as well as to
existing and inactive clients.
- Contact groups/clubs/associations about speaking for them. It
is critical that you select the groups carefully. Be sure that
the members of the groups fit your ideal client profile.
Speaking is one of the best ways to let people experience you
and what you offer, gain credibility, and build your status as
an expert.
- Place an advertisement in a publication that your ideal
clients read. To be effective, run the ad at least 8-11 times. A
one-time ad will not do much for your business.
Here are some things that will keep you very busy and may not
help you grow your business:
- Cleaning out your files
- Talking about how busy you are
- Thinking about what you could do and not doing it
- Reading books with great ideas that never get implemented
- Buying more books with great ideas that never get implemented
This is about of working 'on' your business not just 'in' it
which is required to create a long-term, sustainable business.
Are you up for the challenge? Sure hope so, your business
depends on it. It's time to get cracking and make it happen.
(c) 2005 Stephanie Ward
About the author:
Life & Business Coach Stephanie Ward helps business owners set
their profits on fire! Get your free monthly profit tips plus
bonus report at: http://www.fireflycoaching.com
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