Let's go on a trip. . .a trip to 2011! As a business owner, think of this as taking a vacation WITH your business. If I am going on vacation, I would first look in my past and answer some specific questions about that vacation. What was fun? What didn't exceed my expectations? Was the airline great? Was the hotel chain one I'd use again? Getting ready for 2011 with your business means looking back at 2010 and asking some thoughtful questions.
1. What worked great in 2010? What did you learn new about your business? What big WOW did you have? What inspired you about your business? Was there a book or author that really made you think about the future of your business?
2. What didn't work well in 2010? Were you less profitable because expenses were up? Or sales were down? or a combination of both? What customers were NOT profitable?
3. What is changing in your industry? What are your colleagues doing or not doing differently? What is new in your industry or on the horizon? Jack Welch noted that at GE, 50% of all product and service sales come from business that did not exist five years before -- how current are your offerings?
4. What is changing in your business? Are there opportunities in your local market, in your business? Are you maximizing all your internal potential?
If this sounds a lot like SWOT analysis, it is and should be done at least once a year - Make 2011 awesome by planning to NOT repeat what didn't work in 2010.
"Getting ready" is something that athletes understand because if you are not ready, life just rushes past you. To help business owners "get ready" and stay on track, Changing Lanes LLC is starting TODAY and on the First Monday of each month a business Chat on Facebook for those that choose to "Like" Changing Lanes LLC.
Noon to 1PM EST - First Monday - Join me today! Just go to http://www.facebook.com/Changinglanesllc and "Like"
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
Consider working with a coach or a MasterMind Team to make 2011 the year of your dreams!
Dream Big, Take Small Steps
December is the perfect time to consider your goals for the next year. In between servicing your clients/customers, closing your books, and enjoying the holiday, take some time to contemplate the upcoming year.
• What do you want to accomplish?
• What do you want your business to look like next December?
• What one thing that you have control over could change or shift and make a huge impact on your business?
Once you've spent some time with these questions, begin to formulate your goals and intentions for 2011. Dream big! That reminds me of Les Brown's quote: "Reach for the moon; even if you miss, you'll be among the stars."
Many of us are afraid to dream big. Here's why and what to do about it:
1. Those big dreams bring up our doubts and insecurities. Many of our limiting thoughts, such as, "who am I?", "why would I think that's going to happen to me?" show up. That's just fear talking! Big dreams always us the opportunity to push through our fears and expand what we believe is possible.
2. We wonder HOW we could pull it off! Don't worry about the how. Instead create a plan. Take Linda's One Page Plan for Success workshop and you'll learn how to create projects with small action steps. Those small steps are all you need to focus on. As you complete those small steps, with the big dream in mind, you might be inspired with new actions to take. Repeat! Before you know it, the path to the big dream will begin to take shape.
3. We aren't totally committed to our goals. Sure, we've all heard that the truly successful people write out their goals and review them throughout the year, but that's not how some of us operate. Instead, we write out our goals and never think about them again. Or worse yet, we keep changing what we are dreaming about, so nothing ever gets accomplished! Are you passionate about your big dream? Are you excited when you think about accomplishing that this year? If so, then find a way to hold yourself accountable, all throughout the year, to take the necessary action steps, so you don't fall into bad habits like procrastination, analysis/paralysis or distraction (chasing after another dream). Some ways to stay accountable are to find some accountability partners, perhaps join a mastermind group or hire a coach, or create a way of holding yourself accountable using a tracking system.
Enjoy dreaming!
Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.ignitethepowerwithinbook.com/
419-344-6613
Business Planning for the Growing Business
Business Planning is not Just for Startups. In fact, most major corporations have a plan and it is written! It has Goals that are used to keep shareholders informed.
Join, Linda Fayerweather on December 15, 4-5PM on a live webinar for tips and tricks to get a plan in place for 2011. You will Learn:
• How to use a SWOT analysis to build a plan;
• What a plan must have - any plan - personal, business, marketing, strategic;
• Keys to a successful goal.
If you are interested - Like http://www.facebook.com/Changinglanesllc and check out the events for details - This is a free event.
Showing posts with label SWOT. Show all posts
Showing posts with label SWOT. Show all posts
Monday, December 06, 2010
Monday, November 29, 2010
Got Mobile & Social Media
Got Mobile?
Shopping is changing. The market place is changing. What was new 2 years ago gets old very fast!
All this has to do with mobile devices. About a month ago, I was in a bookstore on a mission to get several copies of "Strength Finder 2.0" by Tom Rath. I use this with new clients and groups - great book. While wandering the store as all old librarians are destined to do, I spied an interesting fiction title, started reading and was hooked. Since I was given a Kindle a year ago, I've made it a habit to purchase fiction on the Kindle. So, I grabbed my mobile device, did a quick internet search at Amazon found the book was indeed Kindle available, purchased it and within seconds not only was it waiting on my Kindle when I got home, it was also on my mobile device if I wanted to start reading after making my business purchases.
Mobile devices are becoming the ubiquitous tool for customers. It took 100 years for telephones to reach 80% of the countries in the world - wireless has just taken 16 years! The phone in your pocket is 10 times more powerful than the desk top commuter that was on your desk in 1999. Many of us have our devices with us 24/7 - I've been using mine as an alarm clock since 2006.
How are your customers using their mobile device to work with your business? And I don't have the answer, yet, but it sure it is fun to think about it! Look for QR Codes (sample below) as the next wave for mobile devices to learn about your business or get a coupon. Maybe you should do a SWOT analysis to get thinking about the future - that is where you will be directed with your mobile and the below QR code.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
Social Media and Your Business
So how does the social media space look for business as it stands at the end of 2010? If you are looking to really drive new prospects and lead generation you may be disappointed. Some of the larger multinationals who already have a strong established brand throughout world markets have been able to extend their share of wallet with Social Media campaigns, BUT, for small to medium business, at this stage Social Media really kicks the biggest goals in terms of building brand recognition, brand loyalty and extending customer service avenues to new and existing customers through additional 2 way communication channels.
That being said, Social Media is here to stay for all size business and in the near future will represent a channel for driving additional revenue. In the interim, plan your entry into the social media waters and take a well executed dive but before you do remember some final points.
• Social Media is exactly that. Don't look to automate your involvement where possible. Be a real person and communicate directly with your customers and prospects. Automated responses are like Voice Response systems, --Press 1 if we have just lost your business:-)
• Marketing in this space is the same as all other forms of Marketing. Don't just hire someone to manage your campaigns because they are 'good at using Twitter & Facebook' and or 'has a lot of followers'. Make sure whatever resource you hire or allocate to your campaigns understands your products and business and that you are confident can represent your brand in the best light possible.
See you out there in Social Media Space:-)
Brent Lupton
Internet Marketing Manager
Essential Brands Group
Shopping is changing. The market place is changing. What was new 2 years ago gets old very fast!
All this has to do with mobile devices. About a month ago, I was in a bookstore on a mission to get several copies of "Strength Finder 2.0" by Tom Rath. I use this with new clients and groups - great book. While wandering the store as all old librarians are destined to do, I spied an interesting fiction title, started reading and was hooked. Since I was given a Kindle a year ago, I've made it a habit to purchase fiction on the Kindle. So, I grabbed my mobile device, did a quick internet search at Amazon found the book was indeed Kindle available, purchased it and within seconds not only was it waiting on my Kindle when I got home, it was also on my mobile device if I wanted to start reading after making my business purchases.
Mobile devices are becoming the ubiquitous tool for customers. It took 100 years for telephones to reach 80% of the countries in the world - wireless has just taken 16 years! The phone in your pocket is 10 times more powerful than the desk top commuter that was on your desk in 1999. Many of us have our devices with us 24/7 - I've been using mine as an alarm clock since 2006.
How are your customers using their mobile device to work with your business? And I don't have the answer, yet, but it sure it is fun to think about it! Look for QR Codes (sample below) as the next wave for mobile devices to learn about your business or get a coupon. Maybe you should do a SWOT analysis to get thinking about the future - that is where you will be directed with your mobile and the below QR code.
Copyright 2010 Linda Fayerweather MBA EA
http://www.changinglanes.biz/
419-897-0528
linda@changinglanes.biz
Business Plans Make Profit!
 |
Scan with Your Mobile Device |
Social Media and Your Business
So how does the social media space look for business as it stands at the end of 2010? If you are looking to really drive new prospects and lead generation you may be disappointed. Some of the larger multinationals who already have a strong established brand throughout world markets have been able to extend their share of wallet with Social Media campaigns, BUT, for small to medium business, at this stage Social Media really kicks the biggest goals in terms of building brand recognition, brand loyalty and extending customer service avenues to new and existing customers through additional 2 way communication channels.
That being said, Social Media is here to stay for all size business and in the near future will represent a channel for driving additional revenue. In the interim, plan your entry into the social media waters and take a well executed dive but before you do remember some final points.
• Social Media is exactly that. Don't look to automate your involvement where possible. Be a real person and communicate directly with your customers and prospects. Automated responses are like Voice Response systems, --Press 1 if we have just lost your business:-)
• Marketing in this space is the same as all other forms of Marketing. Don't just hire someone to manage your campaigns because they are 'good at using Twitter & Facebook' and or 'has a lot of followers'. Make sure whatever resource you hire or allocate to your campaigns understands your products and business and that you are confident can represent your brand in the best light possible.
See you out there in Social Media Space:-)
Brent Lupton
Internet Marketing Manager
Essential Brands Group
Monday, November 16, 2009
SWOT & 100% Client Retention
“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.
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.
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