I used to think the wider my net the more successful my business – listen below to one of my best lessons ever learned in business that never fails!
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For those of us who have been in sales since the 90s this rallying cry of Alec Baldwin in Glenngary Glenn Ross became a manifesto of the male model of sales, selling and business development.
And while his character is spot on in the importance of business development; in today’s culture of relationships the harshness of his declaration can be off putting (not to mention the amount of times he drops the “F” bomb)….and I am telling you while the idea of closing creates acid in the stomachs of many people I talk to – I know business development is a tool that is necessary and critical…..every day.
It is MOST important when EVERYTHING is clicking on all cylinders and it seems that there is noooo way you could possibly take on more clients – this is exactly the moment where you need to make sure your systems are in place to “Always Be Cultivating”relationships.
Some of these relationships will be with prospective clients you have met while out and about – having your systems in place to make sure you stay connected and add value to them through your work. Other relationships that need cultivation will be with professional and personal champions and advocates who believe so much in your work in the world – they simply cannot resist telling everyone they know how amazing you and your work is in the world.
When I work with business owners around cash flow efficiency – we start with their sales funnel. Who are they talking to, how many are in the “pipeline” and are they being moved through a process that gets them to “yes”, I am ready to do business.
If cash flow is scarce – business development likely one of the culprits.
Go back and look at your funnel for the past 90 days – if you are not adding high value prospects to your funnel on a daily basis it will show up in a decrease in revenue that could bring you to your knees.
Still not certain how it works? Let’s look at the math:
In an ‘average’ month you have 20 working days (I am only counting Monday-Friday here) – if you make 20 quality connections from all your sources, champions, advocates, strategic alliances, clients, internet optimization, other marketing activities including speaking, book launches and trade shows each month you now have 20 relationships you get to begin developing.
Let’s say as part of your process you want to have a one on one encounter with them, as you know that’s your secret sauce – a 20-30minute conversation around their work. Mathematically I know ½ of these folks won’t be able to connect with you right away. So you connect with 10 people in a high integrity way, add value and leave them BLOWN away with your magnificence and wondering, “hmmmm – how might I work with this genius?”
Of those 10 – 5 come back around and continue through your process and 2 say yes. That means that from this month’s activities you’ve brough in two new clients. Take your “average” client fee – and multiply it by two – there’s your revenue increase for the month.
This doesn’t mean that the others aren’t going to become clients – it just means you need to have your systems in place to love them along a little longer.
You can already see there are at least 25 different variables here to influence these numbers – increase the input, work on your conversions, increase your rates….and yes friends we will talk about ALL of these in good time.
Today though – just get real with yourself – how are you doing in business development? What grade do you give yourself – A for Awesome? D for Damn-it – I’m not doing it? Somewhere in between?
The good news is – you can start today. Course corrections starts with immediate action. Commit to the process and track your progress over the next 30 days – you WILL see the results.
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These are complimentary calls talking cash flow and efficiency for sustained success in your business. Sign up today!
Here’s your weekly Business Building Tip Of The Week! (Click on the image to receive your tip!)
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“The death of an entrepreneur is solitude.” Christopher Flett
The first time I heard this my reaction was, “No way, I’ve got this….” It was easier for me to do it alone – as I went back to my Facebook quiz wanting to know what book I would bring if stranded on a deserted island – the irony still is not lost on me.
I share this with you because whatever you think you are so good at that no one else could possibly do in your company is exactly who you need to add to the team .
Building and running a successful scalable business is never done alone. The biggest brands in the world may have started by an individual but grew because of a team.
How To Know What To Let Go Of First
In growing your company – you will see a direct coorelation between having a team to support the vision and contribute to the success.
The most often asked question of any business owner I’ve met is “who should I add first?” My answer…..it depends……
WHAT? Yep – that’s the official answer – and here’s how you’ll figure out your who: for two days I want you to keep track of your activities in 30 minute increments – from the moment you start your day – through the end.
On the 3rd day look at your activities and group them into broad categories: Bookkeeping, tax prep, admin/clerical, web design, or social media to name a few.
Unless you are the owner of any firm that focuses on the above activiites – you should not be spending your time here.
But It Will Cost Me Money
No – it will allow you to generate more revenue – I am betting that your hourly rate for the above services will be greater than what you think it will “cost” you to hire it done.
Let’s Do The Math
A bookkeeper in your market could range from $30-$50 per hour. If you are spending 2 hours each week doing your billing and invoicing and collections – and you hire someone to do that work for you at $50/hour – you have increased your expense by $100 (now – I also can argue here that what takes you 2 hours will likely not take a trained professional the same length of time – but let’s just for this discussions sake – keep the time the same).
Your hourly rate is $100/hour – when you are not doing your billing and invoicing you can be generating your hourly rate and generate $200 for your newfound free time.
Now – if you generate $200 and your expense is $100 – was this a good decision….YES!
Start With The End In Mind
As you move through this exercise consider why you created your company and went into business. Stay true to your vision, values and purpose and you will be standing in your strengths to create the prosperity and good fortune you deserve.
If you have questions or comments – send them to me at Debbie@DebbieWhitlock.com
As a business and personal finance expert and cash flow efficiency coach, I am committed to the financial success of women around the world. A business owner and radio host in Seattle, I want start-ups, solopreneurs and small business owners to create the prosperity and good fortune they deserve. Join me for my radio programs Tuesdays and Fridays 9-10 am on AM1150 in Seattle and online at www.1150kknw.com/listen . Become part of the community of women committed to economic independence and sign up for notifications for my free monthly Coach’s Corner Calls
