Tuesday, November 17, 2009
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.
Monday, November 09, 2009
Count Down & Giving to Give
Don't wait. The time will never be just right. --Napoleon Hill
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
Guest Author: Todd Pillars of Send Out Cards
Count Down
Take a look at your calendar and you will notice that it is just 8 full weeks to 2010 which brings a natural rebirth and positive belief in a new beginning. Well, new beginnings take planning and preparation. Very few businesses have ever started or changed without a plan. One of the first steps in putting a plan together is to take a good look at where you have been.
Since the US celebrates Thanksgiving in the month of November, I like to take this month to reflect on my business. Being in gratitude for the past 10 months of success will often make planning smoother.
Take some time this week to reflect on these questions about your business.
1. Where are you compared to your 2009 plan?
2. What worked well in 2009?
3. Who were your best Customers in 2009?
4. How do your best customers know that you value them now and in the 2010?
5. Why will your business soar in 2010?
6. What do customers value about your service/product?
These questions will start the positive process of planning with identification of what made the past work or maybe not work so well.
Next week SWOT. Stay tuned.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
www.ChangingLanes.biz
Sending Thanks
My how time flies! Another year is coming to a conclusion and the Holiday Season is almost upon us. November has one of my favorite holidays, Thanksgiving. This month is a great time to take a moment to tell the people that are important to you just how grateful you are that they are parts of your life, whether it’s personal or business.
Gratitude is defined as the quality or feeling of being thankful. When was the last time you felt the emotion of thanks? Sure we say thank-you but it’s mostly expected good manners. So when, and how deeply, did you thank someone for being your friend? Your partner? Your customer? Your husband or wife? Your brother, sister? Your mother or father? Was it a cursory thank-you or did you feel that they truly felt appreciated by your words?
They say that a picture is worth a thousand words. What then, is an unexpected gift worth? It needn’t be a large gift but it does have to be heartfelt. That’s the key to appreciation; sending thanks from the heart. It’s what we call “Giving to Give”. In a world where it seems that everyone is “Out for themselves”, or “Giving to Get” something from somebody else, it is paramount to be sincere.
In an ideal world you could send it all! Well it’s possible and here’s how. Send your personal message in your own handwriting, include your uploaded pictures, a even send a small gift all from the convenience of your computer. It only takes a few minutes and it’s a lot less than going to the store and doing it yourself.
I challenge everyone to show one person each day how much you appreciate them. Do it for one solid year and just wait and see what you’ll have to be thankful for next November. Thanksgiving will be one of your favorite holidays, too!
“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” - Maya Angelou
Copyright 2009 Todd Pillars is an Appreciation Marketer with Send Out Cards.
419-855-2273,
tpillars@gmail.com
www.sendoutcards.com/tpillars
Links of Interest
Discover the missing link to having a heart centered business. The url is http://www.beeingattraction.com/missing-link/?af=3047
Have a profitable week.
Linda Fayerweather, Editor
Changing Lanes LLC
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
Guest Author: Todd Pillars of Send Out Cards
Count Down
Take a look at your calendar and you will notice that it is just 8 full weeks to 2010 which brings a natural rebirth and positive belief in a new beginning. Well, new beginnings take planning and preparation. Very few businesses have ever started or changed without a plan. One of the first steps in putting a plan together is to take a good look at where you have been.
Since the US celebrates Thanksgiving in the month of November, I like to take this month to reflect on my business. Being in gratitude for the past 10 months of success will often make planning smoother.
Take some time this week to reflect on these questions about your business.
1. Where are you compared to your 2009 plan?
2. What worked well in 2009?
3. Who were your best Customers in 2009?
4. How do your best customers know that you value them now and in the 2010?
5. Why will your business soar in 2010?
6. What do customers value about your service/product?
These questions will start the positive process of planning with identification of what made the past work or maybe not work so well.
Next week SWOT. Stay tuned.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
www.ChangingLanes.biz
Sending Thanks
My how time flies! Another year is coming to a conclusion and the Holiday Season is almost upon us. November has one of my favorite holidays, Thanksgiving. This month is a great time to take a moment to tell the people that are important to you just how grateful you are that they are parts of your life, whether it’s personal or business.
Gratitude is defined as the quality or feeling of being thankful. When was the last time you felt the emotion of thanks? Sure we say thank-you but it’s mostly expected good manners. So when, and how deeply, did you thank someone for being your friend? Your partner? Your customer? Your husband or wife? Your brother, sister? Your mother or father? Was it a cursory thank-you or did you feel that they truly felt appreciated by your words?
They say that a picture is worth a thousand words. What then, is an unexpected gift worth? It needn’t be a large gift but it does have to be heartfelt. That’s the key to appreciation; sending thanks from the heart. It’s what we call “Giving to Give”. In a world where it seems that everyone is “Out for themselves”, or “Giving to Get” something from somebody else, it is paramount to be sincere.
In an ideal world you could send it all! Well it’s possible and here’s how. Send your personal message in your own handwriting, include your uploaded pictures, a even send a small gift all from the convenience of your computer. It only takes a few minutes and it’s a lot less than going to the store and doing it yourself.
I challenge everyone to show one person each day how much you appreciate them. Do it for one solid year and just wait and see what you’ll have to be thankful for next November. Thanksgiving will be one of your favorite holidays, too!
“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” - Maya Angelou
Copyright 2009 Todd Pillars is an Appreciation Marketer with Send Out Cards.
419-855-2273,
tpillars@gmail.com
www.sendoutcards.com/tpillars
Links of Interest
Discover the missing link to having a heart centered business. The url is http://www.beeingattraction.com/missing-link/?af=3047
Have a profitable week.
Linda Fayerweather, Editor
Changing Lanes LLC
Monday, November 02, 2009
Taxing Thoughts & Thankful Entrepreneurs
Taxing Traveling Thoughts
Years and years ago while sitting in a college economics class, the instructor said that TAXES should be designed to "tax what you don't want people to do". So that would mean if you want people to smoke, drink and drive less, we would see huge taxes on cigarettes, alcohol and gasoline. So, for me the entire tax structure of the US always causes my head to hurt . . . but I digress.
While checking in at the Detroit Airport, I was asked on the Kiosk if I wanted to check my bag, I thought "Sure, then I don't have to drag it around." The fee to check was $25 a bag - bummer, so I chose to carry-on. I was in the last zone to board and watched as many people had MORE than one carry-on and one personal bag. No surprise to me, the overhead bins were full so my bag was hauled away, stored in the cargo hold and the cost to me was $0. Maybe, if the airlines want people to check bags, they should TAX the carry-on bag beyond ONE or allow travelers to check a small carry-on for free.
The point of this conversation is to help business owners realize that when you change your prices, sometimes you cause people to respond in a way you didn't expect. When you make changes in your busienss you should track the results.
Copyright 2009 Linda Fayerweather
Are you Ready for 2010? Checkout Changing Lanes Workshops
Changing Lanes LLC
http://www.changinglanes.biz/
PS. American Airlines made $278 million in bag fees during 2008!
Awakened Entrepreneurs Are Thankful for Everything!
Thanksgiving is this month! It's easy to be thankful for the blessings in our life, but what if we also took the time to be thankful for the things that we perceive as problematic.
You see, it's all good! According to the Law of Polarity, everything contains its opposite. For example, black and white, good and bad, Yin/Yang, up and down. We can't define something without having its opposite also present. So for everything that you perceive as negative in your life, the positive side of that event is also available to you - if you take the time to perceive it.
For example, recently the "on" button on my laptop quit working and I couldn't access my Outlook or recently saved files. It took 10 days for the repair - bummer! BUT on the positive side, my son built me a wonderful inexpensive desktop computer from a combination of old and new parts! What was even better though is that since I couldn't work to full capacity without all my current files, I took the opportunity to purge unused books and file folders from my office. I felt like I was working in a whole new environment.
This Thanksgiving find something you aren't happy about and be grateful for the good that is going to come out of it, even if you don't understand what that is right now.
Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.ignitethepowerwithinbook.com/
Powerful You! Women's Network Facilitator, Toledo Area Chapter
Join us for business, personal and spiritual growth - networking with a heart!
419-344-6613
Years and years ago while sitting in a college economics class, the instructor said that TAXES should be designed to "tax what you don't want people to do". So that would mean if you want people to smoke, drink and drive less, we would see huge taxes on cigarettes, alcohol and gasoline. So, for me the entire tax structure of the US always causes my head to hurt . . . but I digress.
While checking in at the Detroit Airport, I was asked on the Kiosk if I wanted to check my bag, I thought "Sure, then I don't have to drag it around." The fee to check was $25 a bag - bummer, so I chose to carry-on. I was in the last zone to board and watched as many people had MORE than one carry-on and one personal bag. No surprise to me, the overhead bins were full so my bag was hauled away, stored in the cargo hold and the cost to me was $0. Maybe, if the airlines want people to check bags, they should TAX the carry-on bag beyond ONE or allow travelers to check a small carry-on for free.
The point of this conversation is to help business owners realize that when you change your prices, sometimes you cause people to respond in a way you didn't expect. When you make changes in your busienss you should track the results.
Copyright 2009 Linda Fayerweather
Are you Ready for 2010? Checkout Changing Lanes Workshops
Changing Lanes LLC
http://www.changinglanes.biz/
PS. American Airlines made $278 million in bag fees during 2008!
Awakened Entrepreneurs Are Thankful for Everything!
Thanksgiving is this month! It's easy to be thankful for the blessings in our life, but what if we also took the time to be thankful for the things that we perceive as problematic.
You see, it's all good! According to the Law of Polarity, everything contains its opposite. For example, black and white, good and bad, Yin/Yang, up and down. We can't define something without having its opposite also present. So for everything that you perceive as negative in your life, the positive side of that event is also available to you - if you take the time to perceive it.
For example, recently the "on" button on my laptop quit working and I couldn't access my Outlook or recently saved files. It took 10 days for the repair - bummer! BUT on the positive side, my son built me a wonderful inexpensive desktop computer from a combination of old and new parts! What was even better though is that since I couldn't work to full capacity without all my current files, I took the opportunity to purge unused books and file folders from my office. I felt like I was working in a whole new environment.
This Thanksgiving find something you aren't happy about and be grateful for the good that is going to come out of it, even if you don't understand what that is right now.
Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.ignitethepowerwithinbook.com/
Powerful You! Women's Network Facilitator, Toledo Area Chapter
Join us for business, personal and spiritual growth - networking with a heart!
419-344-6613
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