“An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.” --Laurence J. Peter
Your authors are:
Linda Fayerweather of Changing Lanes LLC
Rebecca Booth of Imagine That
Pat Altvater of Transformations Institute
Paula Frazier of BNI of West Virginia
SWOT
SWOT is the acronym for Strengths, Weakness, Opportunities and Threats. Albert Humphrey of Stanford University is credited with developing this strategic planning tool in the 1960s essential to developing a planning process. SWOT Analysis is an effective method of identifying your Strengths and Weaknesses, and to examine the Opportunities and Threats you face.
To carry out a SWOT Analysis, spend some time with these questions to prepare yourself and your business for the next business cycle:
Strengths:
--What are your advantages?
--What do you do well?
Weaknesses:
--What could be improved?
--What is done badly?
--What should be avoided?
Opportunities
--Where are the good chances facing you?
--What are the interesting trends?
--Changes in government policy related to your field
--Changes in social patterns, population profiles, lifestyle changes
--Local Events
Threats
--What obstacles do you face?
--What is your competition doing?
--Is changing technology threatening your position?
Carrying out this analysis will often be illuminating - both in terms of pointing out what needs to be done, and in putting problems into perspective.
For a tool to help with your SWOT, go to http://www.changinglanes.biz/files/SWOTanalysisWorksheet.pdf
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
ACHIEVING 100% CLIENT RETENTION
In a perfect world we’d all have 100% customer retention! Every person we agree to do business with is a perfect fit for us and we are a perfect fit for them. We will stand and deliver our products and services with integrity and they will experience the optimal return on their investment. Over time we establish trust and credibility and might occasionally become friends. They’re not going anywhere – or are they?
I’m not a math scholar but I’m pretty good at basic equations. Here’s one that most business owners and sales people are counting on: Qualified Prospects + Need/Interest = IDEAL CLIENTS. Now let’s agree to a few assumptions:
1. You believe in your products and services.
2. You can easily and passionately explain their benefits.
3. Your prospect needs and wants your products and services.
4. You follow through and deliver on everything you agree to do.
5. You connect with them as appropriate (weekly, monthly, quarterly).
Based on living up to the “givens” listed above why aren’t all of our clients staying with us FOREVER?!? I recently lost two clients so I began to consider some of the variables that may have affected my not so positive outcome.
I could honestly answer YES to all five of the givens. If it wasn’t me…who could it be? THEM? So I made a list of the Top 10 Characteristics (with brief descriptions) of my target market:
5+ Years in Their Industry -->Survived Start Up
2+ Years at Same Company --> Achieved Measurable Success
Business Owner/Top Producer --> Invested in Building the Business
Entrepreneurial Mindset --> Visionary & Calculated Risk Taker
Life Long Learner --> Invest In Their Own Development
Coachable --> Knows They Don’t Know Everything
Established in Their Industry --> Teaches and Trains Others in Their Field
Passionate --> Completely Believes in Their Prod/Svc
Wants/Needs Referrals --> Understands Referral Marketing is a Science
Positive Cash Flow --> Able to Budget/Invest Based on Their Goals
What are the Top 10 Characteristics of your target market?
My most successful clients have nine or ten of these traits. The two I lost only had two or three. My lesson learned – If a qualified prospect does not match most of my descriptors they’re not a good match for me. The proven equation looks something like this:
Qualified Prospects + Top 10 Traits + Need/Interest = IDEAL CLIENTS
Just because they need (or want) my product or service doesn’t mean they’re in a position to experience the maximum benefits. Most importantly, just because we’re not a good fit in business does not mean we’re not a good fit as friends and colleagues.
One of the most selfless things we can do when we’re talking to an unqualified prospect is refer them to someone that can help them with their most immediate needs. Ideally, they’ll develop into a qualified prospect over time by acquiring the skillset of your target market.
Quick personal note: My 9th grade geometry teacher would be so proud. My ability to prove, disprove and verbalize equations wasn’t quite as impressive back then. Admittedly it’s not all that impressive now. If she’d only spoken in terms of business; I’m a fourth generation entrepreneur! I still don’t know what time Train A is going to meet Train B. What I do know is that I don’t care to be on either train because they’re gonna CRASH!
One last variable to consider – Could some of our most successful clients become less than ideal clients by allowing their abilities to diminish? Absolutely.
Perhaps the goal shouldn’t be to attain 100% client retention. The goal is to serve people that meet 100% of your target market requirements in an effort to serve them to the best of your abilities.
Paula Frazier is a referral marketing trainer, consultant and keynote speaker. She is an Executive Director for BNI and part of a select team of Master Trainers for Referral Institute. Paula’s business networking articles have been published internationally. She is also acknowledged in the New York Times best seller, Truth or Delusion – Busting Networkings Biggest Myths. Check out #33, Delusion with a twist! Paula can be contacted at paula@referralinstitute-va.com .
Links of Interest
More on SWOT analysis at http://tinyurl.com/SWOTcl
The Top 10 Tools for Maximum Productivity. Coach Phil Humbert’s Monthly tool: Request it at: http://PhilipHumbert.com/Free Take action! It’s a place to start.
Free ebooks from some of the great authors – Napoleon Hill, Benjamin Franklin, Plato and more. http://www.milliondollarbookshelf.com/
Tune-up your brain – lots of online games to either sharpen your skills, embarrass yourself in front of your kids or just chill. http://playwithyourmind.com/about/
Have a profitable week.
Linda Fayerweather, Editor
Changing Lanes LLC
Teleclass
Available
Don't leave 2010 without a Plan!
Business Planning! Simple and Complete.
Join other savvy open entrepreneurs who feel overwhelmed and time starved by the success of thier business and desire to leverage thier time, resourcs and money.
October 20, 22, 28 7-9:30PM EDT/EST Cost $149
This will be a live webinar, handouts will be delivered via email and follow-up coaching will be available for 5 Monday Morning Motivator readers.
Go to: Changing Lanes - Classes for registration and details
This class is limited to 10 participants. Web site also has live classes in Northwest Ohio.
