Business Growth: How to Build Business Relationships After a Networking Event

rawpixel-com-267082In previous blogs, I’ve discussed how to effectively attend networking events. You’re now quite adept at working the room and making the most of your opportunities. And, some of the connections you’ve made have the potential to develop into valuable business relationships. However, attending the event is only the beginning. Whether or not you’re able to build successful business relationships after attending a networking event depends on how well you follow-up.

Business owners often share with me that their networking event was not successful because they didn’t get any ‘real’ leads, but the truth is, that leads are not built in a day and this is why follow up after attending a networking event is so critical. In order to build business relationships after a networking event, you’ll need to follow up. I’ve outlined below seven tips I believe will help to increase your success at the networking events:

  1. Review and prioritize the connections you made: Review your notes and the business cards that you collected. Google the people you met and interacted with. Make a list of the ones that you believe could be a potential client, strategic partner, vendor or referral source and prioritize in order of importance.
  2. Send an email within 48 hours: Send a quick “nice to meet you email”, and personalize it by mentioning some of the things you discussed at the event. Suggest a face-to-face meeting for coffee or lunch and include a few date/time options.
  3. Connect on LinkedIn and other social media networks: This will help you build your online connections and a potential referral network. Connecting on social media also ensures that you and your connections will always be able to contact each other.
  4. Pick up the telephone and make a call: We’re so used to email, social media and text, that making a phone call has become a novel idea. Pick up the phone, have a chat and suggest a time to get together.
  5. Deliver on any promises that you made: In the course of discussion, did you promise to send your new contact some information he/she was looking for? Deliver on your promises as quickly as possible.
  6. Introduce people to each other: Add value. You may have met someone who you believe would be a great connection for someone else that you know. Make the connection. They’ll both thank you for it.
  7. Create a monthly follow-up plan: Building relationships takes time. A monthly follow-up plan will help you cultivate your contacts and build successful business relationships after attending a networking event. It’s also a great reminder.

 

Are you following up after attending networking events? Want more advice on building successful business relationships after attending a networking event, or general advice from other business owners like you? Find out if a TAB Board is right for you!

Advertisements

You’ve Built A Wealth Of Business Expertise – Now What?

office-1209640_1920Many senior executives want to share the lessons they’ve learned from their 20+ years of experience at several large corporations, but with the changing landscape of corporate culture, these execs are being ‘pushed’ out or looking for new opportunities.

I’ve spoken to countless senior executives that have climbed the proverbial corporate ladder, and have been dedicated to progressively building their careers at a huge multinational for years, even decades. However, they are finding that the face of the company is changing and a younger group of individuals now reflect the corporate culture. Some are facing the possibility of being phased out, or are looking for ideas and direction for what may become the next chapter of their career.

There is little doubt that today’s rapidly changing, globally competitive environment often requires a shift in mindset and competencies, and a growing number of senior executives in their 50s are evaluating their value and long-term growth plans. These professionals were hired by large multinationals when in their 20s and have enjoyed travelling the world, solving business issues, creating new processes and plans, organizing teams, going to tradeshows and conferences, and engaging in high-stake meetings with their colleagues in Asia. Where do they go from here?

When you have fully invested in your career and have a wealth of knowledge, the question is how can you share your wisdom and help others reach their goals?

If you are interested in learning about an opportunity to leverage your business expertise and provide guidance to business owners while giving you the freedom to work at your own pace, build equity, meet local business owners and become part of your business community, check out this website or simply contact me to discuss your situation.


Put an End to the Feast and Famine of Owning Your Own Business

OLYMPUS DIGITAL CAMERAI’ve seen it time and time again, business owners, whether they own an accounting, engineering firm, marketing agency or IT company, are left feeling vulnerable due to the feast and famine of income streams.

When I meet with business owners they share with me their concerns about their struggle for consistent revenues; one month the financials look great, but next month, they are not on target and they begin to stress about making enough income to cover their expenses. Sometimes this cycle is endless and it can take a toll on the many business owners striving for income predictability and growth.

When a business experiences the feast or famine scenario, things like hiring staff for a project today in hopes that there is work for them tomorrow can result in more stress and pressure on the owner to bring in more business.

Owning a business can be one of the most rewarding experiences, but so often business owners are conflicted with decisions about hiring the right staff, committing to paying rent for the appropriate space, investing in office equipment and technology, not to mention marketing. Without consistent and predictable revenue it is hard to make long term plans that will allow owners of professional services businesses to accomplish their goals.

If you are interested in learning about a professional business that will put an end to this feast or famine scenario but still give you the freedom to own a business, check out this website or simply contact me to discuss your situation.


Business Growth: How to Improve Your Customer Retention Rate

blog-member-retention-tipsI work with many business owners who are very often so focused on customer acquisition that they forget about how important and cost-effective customer retention is. According to the Harvard Business Review, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. Research by Frederick Reichheld of Bain & Company shows that increasing customer retention rates by 5% increases profits by 25% to 95%.

One strategic business approach that I often recommend is to go deeper with the clients you have rather than invest the time to attain new ones. I’ve outlined below several tips to help you improve your customer retention rate:

Are your customers leaving you? If you want to improve your customer retention rate, you need to be aware of how many customers are leaving (the churn rate) and determine what is causing them to leave. Ask yourself what as a company you are doing that is causing your customers to leave.

Customers don’t buy from companies; they buy from people. 60% of all customers stop dealing with a company because of what they perceive as indifference on the part of salespeople (Peppers and Rogers Group). Have your salespeople become complacent? Are you making an effort to make your customers feel valued or do you take them for granted? Are you rewarding your loyal customers for their business?

Listen to your customers. Talk to your customers – after all, they chose you. Invest the time to ask them how they feel about your products/services. Understand what they are looking for and what their plans are for the future. Personal relationships are powerful and inspire loyalty. The customer experience is key to your success.

It’s not all about price. Companies are often totally focused on being the lowest cost provider. While being competitively priced is very important, there will always be someone who can come in at a lower price. Price alone won’t keep your customers; delivering the best value will. Value is a combination of price, trust, customer service, delivery, relationships and support.

Has your company lived up to expectations? It’s one thing to win the business; it’s another thing to keep it. Make sure your brand has delivered on its promise and your product/service meet or exceed expectations. Take a look at creating a great customer experience. Managing customer expectations is an important part of customer retention. Set realistic expectations. It’s better to under-promise and over-deliver.

Communicate! Communicate! Communicate! Communicating with your customers will keep you top of mind. Remember, there is always going to be someone lurking in the wings to swoop in and steal your business. Find out how often and by what channels your customers want to receive information. Always address your customers’ concerns immediately. If you make a mistake, own it and fix it. Your customers will appreciate your honesty and your efforts.

Do you prize deliverables over results? Every deliverable must be able to show a measurable result that will positively impact your customers’ business and help them achieve their goals and objectives.

Bonus Tip: Conduct an exit interview. There is no company in the world that retains 100% of their customers, no matter how good they are. If one of your customers is leaving, take it as an opportunity to improve. Conduct an exit interview to learn why they’re leaving. This information is extremely valuable and can help you to make changes in order to avoid a similar situation in the future.

Are your customers leaving you? Want more advice on customer retention, or general advice from other business owners like you? Find out if a TAB Board is right for you!


How to Become an Agile Business

AgileBusinessPhotoIn today’s competitive landscape, it’s important for a business to be able to rapidly adapt to market and environmental changes. “Agile” is the buzzword associated with this ability to adapt quickly to changing situations; but what is “agile” and how can a business become an “agile business”?

Agile is a philosophy, not a process. Although originally used for software development, it’s now used by companies large and small in any industry. According to the Agile Manifesto, agile refers to:

  • Individuals and interactions over processes and tools
  • Working software over comprehensive documentation
  • Customer collaboration over contract negotiation
  • Responding to change over following a plan

Becoming an agile business is a process that constantly needs work. Is it worth it? According to PricewaterhouseCoopers, agile firms grow revenue 37% faster and generate 30% higher profits.

Here are some guidelines for becoming an agile business:

Create focus. Don’t be distracted. Get rid of a long list of priorities and instead replace it with a short, manageable list of three or four items that are “must dos”. As you complete one item, add another to your list. This will keep you focused.

Communicate your vision. Communication is the key to change and change-worthy behaviour. Communicate with employees often, be transparent and give them clear and compelling reasons to embrace agility and become agile champions.

Hire the right people. The success of your business rests on hiring the right people – employees who are aligned with your vision and your values. In order to be agile, the employees you hire must be results-oriented, not task-oriented. They must be able to work within an organization that gives them the freedom and the responsibility to accomplish their jobs without a step-by-step instruction manual on how to do it.

Create autonomy. You can’t maintain a stranglehold on your employees and micromanage every decision in an agile environment. Senior managers need to lessen their direct control over day-to-day activities and give their employees control over how they do their work. Give your employees the environment and support they need and have confidence that they’ll get the job done.

Be prepared for the unexpected. Although you can’t plan for the unexpected, you can be prepared for it. Agile businesses are flexible, adaptable and expect change. They are ready for all eventualities and can quickly pivot. Changing requirements are the name of the game.

Agile is motivating. An agile environment by nature is motivating. Instead of working on the same project month after month with little change, an agile environment empowers employees to respond to changes, giving them freedom to become more than their job descriptions.

How agile is your company? Want more advice on becoming an agile business, or general advice from other business owners like you? Find out if a TAB Board is right for you!


Focus on the Human Side of CRM to Improve the Customer Experience

The Customer Relationship Management industry (CRM) has exploded. It’s estimated that 91% of business with more than 11 employees now use a CRM system. CRM is a term that refers to the strategies, technology, and practices that companies incorporate into their business to manage and analyze customer interactions and data. However, many businesses are not realizing the full benefits of CRM because they’re entirely focused on the data and ignore the human side of CRM. The data will tell you how to manage customers, but not how to build relationships with them. Computers don’t build relationships; people do.

In today’s highly competitive marketplace, the success of your business depends upon delivering customer-focused experiences and processes. I have outlined below a few tips I’d recommend for staying focused on the human side of CRM.

Don’t overlook the human side of CRM

Helping is the new selling” are the latest buzzwords being bantered around these days. It speaks to relationships and a service-oriented mindset. Although CRM has the potential to provide deep insight into both individual clients and general trends, it’s imperative that you connect and engage with your customers in a meaningful way or you diminish the value of your CRM system. No amount of data can provide the human touch.

Implementing a CRM system doesn’t automatically deliver results

Databases full of client information are the basis on which to improve customer engagement, but never lose sight of the relationship-side of technology. The success of your business depends on the human element.

Being authentic

This is crucial in any industry. Your sales team are the ones that can help your organization achieve its revenue goals. The human interaction between your salespeople and your customers is what will ultimately differentiate you from your competition, and bring them back again.

Listening

This skill is highly underrated. Do your sales people listen? Do they understand what your customers value? Can they educate and inform? Can they close the deal?

In order for CRM to deliver on its promise, ensure that the data and the human element are fully integrated.

Want more advice on how to get the most out of your CRM system, or general advice from other business owners like you? Find out if a TAB Board is right for you.


The Best Managers are the Best Communicators

As a business owner, you dedicate much of your time to communicating with your clients. While this is crucial for your business, equally important is communicating with your employees. Internal communication touches every aspect of your business from announcing the onboarding of a new client, to introducing a new product to your business line. No matter the size, industry, or type of company you own, I recommend having an internal communications process embedded in everything you do.

An internal communications process allows for the exchange of information between all members of your organization, which will save you time and money. In fact, companies with effective internal communications processes experience 47% higher total returns than those that are not effective at communicating.

I’ve outlined below 3 key elements to help you establish an effective internal communications process.

  1. Have the Right Mechanisms in Place to Keep Employees Informed

Your internal communication mechanisms must be strategic, in order to be targeted and the most beneficial. Consider your company’s current mechanisms, from the methods of communication it uses, to the way your company engages with and seeks feedback from your staff, to the way it measures if the mechanism is successful and identifies any issues for future change.

Choosing what mechanisms to use depends on your size and budget. If your company has multiple locations, you may decide to invest in passive, large-scale communication options to disseminate information. Creating an intranet (a private network only available to a company’s staff) is one great option. If your business is smaller, consider using more conventional communication channels such as an internal newsletter, e-blast, Director’s blog, or notice board. I have even seen some companies benefit from using social networking sites as their primary means of internal communication. More directed options could include Breakfast Briefs for front-line staff, a monthly Director Communications Day, scheduled Director Q&A drop-ins, or Lunch & Learns.

No matter what mechanism(s) you choose, the bottom line is that employees have access to a platform where they can receive important company information so they stay abreast of the information they need to do their job.

  1. Creating a Two-Way Loop

Having great communication mechanisms in place is vital, but ensuring that they consistently generate engagement between management and employees is a key step. It is imperative that business owners and managers actively respond to feedback received and ensure a loop is created, as opposed to a top-down form of communication. By acting on the honest feedback reported by employees encourages more of the same – staff telling it “like it is”.

  1. Measuring the Mechanisms

To ensure that the communication mechanisms you choose are working effectively, incorporating measurement indicators, such as scheduled weekly face-to-face meetings with actionable items reported for follow-up, anonymous employee surveys offered at quarterly or annual company all-staff meetings, or through specific activity surveys through the intranet, could help identify gaps, what is or isn’t working, and what methods of communication work best for your employees.

Regardless of which avenues you choose, the main goal is to ensure employees have several effective paths available to them where they can communicate with senior management and feel heard.

Communicating with your employees is essential for the productivity of your business. Does your company have an internal communications process in place?