"Treat your business like a Fortune 500 Company. Create and implement a process that organizes your company behind the scenes." --Nolan Baker
--------------------------------
Lessons Learned and Relearned
--------------------------------
While working with clients, family and myself (my most difficult client) I am constantly reminded that we all have good ideas that get lost in the daily clutter of life. Usually these ideas are simple, clear, and will make a difference. Just last week, Tim Pinkelman, a great business planner, friend and client, showed me a form he had created years ago for meetings to handle, organize and identify the next step. It was simple, one page, fill in the blanks, check the boxes to organize the activities of a meeting. This is the type of tool that helps the attendee listen instead of taking voluminous notes. A great tool he had rediscovered.
I think we all have those moments of "why am I not doing that anymore?" Mostly, it comes from the day to day stress of getting things done without respect to added value or savings.
So where to start to change this cycle? Well, I will usually say - a plan that is written and goal driven. But today, I want you to be the student as we approach the holiday season and the New Year.
1. Create order in your life. Let Chaos be a theory not applied in your life. Clutter is the zapper of energy; it reminds us of undone projects.
2. Keep is simple. Occam's Razor paraphrased by me is "if all things are equal usually the simplest solution is the best."
3. Find Clarity. Knowing what you want and when you want it are keys to success and happiness.
4. Set goals. Goals need to be SMART: Specific, Measurable, Achievable, Relevant, and Timely. Think of goals as the GPS of your life - you know you want to get somewhere, right?
This week's quote is from Nolan Baker, a financial planner in the Toledo, Ohio area that has built a practice and grown it in these unique financial times. What the quote eludes to is the need to put systems and processes in place so that the creative juices and energies of your ideas are not lost! Whoa - that sounds like Lean in practice and a way to document what you have learned! Oh yes, he is the cover-boy of the http://www.seniormarketadvisor.com/ for November 2009.
While you are getting ready for the holiday season, get your mind in a place that will benefit your dreams for only then will you be of greatness for the rest of us!
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
-----------------------------------
Tax Changes, Again
----------------------------------
One thing we can be sure about with taxes is they are a constantly moving target. On November 9, President Obama signed the Worker, Homeownership, and Business Act of 2009. That Act extended the first-time homebuyer credit for purchases signed before May 1, 2010 and closed before July 1, 2010. The new law also limited the credit to homes costing $800,000 or less and raised the income level to qualify for the credit ($125,000 for individual filers and $225,000 for joint filers).
However, the new law also extended the credit, up to a limit of $6,500, for buyers who have maintained the same principal residence for any five-consecutive year period during the eight-year period ending on the date they buy a new principal residence. So you don't have to be a first-time homebuyer to qualify for the "first-time" homebuyer credit!
Buying a home has always offered tax-saving opportunities. The new law makes these opportunities even more attractive. If you're worried about missing these sorts of "hidden" opportunities, then call today to discuss what we can do. And let your friends, family, and colleagues know that we're here to help them, too!
Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
http://www.accounting-centeres.com/
419-882-9255 or 734-847-0400
-------------------------
Links of Interest
--------------------------
A Free Copy of Think And Grow Rich! The Best-Selling Success Book of All Time by Napoleon Hill. http://www.FreeTGRbook.com/ChangingLanes. Vic Johnson, wants to give you a free copy. It is one of my personal favorites and one I give to college graduates. Take the opportunity to get one for free!
-----------------------------------
SMART goals details
-----------------------------------
Does your Business have a Plan? Webinar and Live Classes are available
now with Changing Lanes. Your business can still be the business of your dreams.
December 7, 9, 10 - live webinar. Registration
-----------------------------------
Learn more about Occam's Razor
Have a profitable week.
-----------------------------------
Linda Fayerweather, Editor
Changing Lanes LLC
Monday, November 30, 2009
Monday, November 23, 2009
Rewarding Employees & Yellow Pages
“Cherish your visions and your dreams as they are the children of your soul, the blueprints of your ultimate achievements.” --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
====================================
Rewarding and Thanking your Employees
====================================
Work above the agreed desired outcomes of individual performance is a choice each employee makes. When employees know what is expected of them (job descriptions help with desired performance outcomes that are time sensitive) combined with regular reviews, the choice they make beyond the expected achievement needs to be recognized. This recognition needs to match what the employee values. If the employee values family time, then a reward that would honor that time will be remembered longer.
A small business owner I work with asked at the team meeting if "any" employee would have time to do an especially dirty job that had been neglected by the recently fired cleaning crew. The self-selected employee did a tremendous job and was paid his regular wage, PLUS in the pay envelop, were 4 movie coupon tickets. Each time the employee goes to the movie, he tells the owner about it and thanks her! The employee feels recognized, respected and remembers the reward beyond the paycheck. The owner got a job well done and an employee that is ready for the next challenge.
Employees that feel appreciated and recognized will reward you with good work.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
====================================
‘Tis the Season
===================================
I wish I could tell you that Halloween is done for 2009; but I can’t. ‘Tis the season for Yellow Pages advertising contracts. Many of you may be nervous about the economy and you may be unsettled about your marketing initiatives for the remainder of the year. There is hope! My first suggestion is to look back at where you got your new clients. Chances are it’s not out of the Yellow Pages. For most businesses, I have seen Yellow Pages advertising drive price shoppers to the phone versus people with money to spend. So take a long hard look at how you spend your marketing budget and where those new clients are coming from. If the majority is coming from Yellow Pages, good for you. If not, then downsize, downsize, downsize that ad! Be careful, reps for Yellow Pages are notorious for not letting you walk away from a “deal”, so they’ll be quite aggressive in convincing you to stay. But check out these facts:
* Hotels have stopped stocking their rooms with Yellow Pages, because their guests are connected to the internet with their phones.
* There are more Yellow Pages books in the marketplace that people with telephones
* More people are using the internet to find phone numbers than ever before
* People are concerned about our landfills being junked up with Yellow Pages, so they’re not even picking them up any more.
Less is more. Especially when it comes to advertising in the Yellow Pages. You have my permission to not think twice about slashing that budget like Freddie Krueger would slash his next unwitting victim. BOO!
Aside from Coach Linda Fayerweather – many yellow pages contracts must be cancelled with a certified letter!
Copyright 2008 Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 10 years of delivering results for our clients.
http://www.rebeccaboothmarketinggoddess.com/
http://www.marketinginabox.biz/
Links of Interest
Bob Nelson wrote "1001 Ways to Reward Employees" available at:
More on SWOT analysis at http://tinyurl.com/SWOTcl
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
====================================
Rewarding and Thanking your Employees
====================================
Work above the agreed desired outcomes of individual performance is a choice each employee makes. When employees know what is expected of them (job descriptions help with desired performance outcomes that are time sensitive) combined with regular reviews, the choice they make beyond the expected achievement needs to be recognized. This recognition needs to match what the employee values. If the employee values family time, then a reward that would honor that time will be remembered longer.
A small business owner I work with asked at the team meeting if "any" employee would have time to do an especially dirty job that had been neglected by the recently fired cleaning crew. The self-selected employee did a tremendous job and was paid his regular wage, PLUS in the pay envelop, were 4 movie coupon tickets. Each time the employee goes to the movie, he tells the owner about it and thanks her! The employee feels recognized, respected and remembers the reward beyond the paycheck. The owner got a job well done and an employee that is ready for the next challenge.
Employees that feel appreciated and recognized will reward you with good work.
Copyright 2009 Linda Fayerweather
What's working in your Business?
Changing Lanes LLC
http://www.changinglanes.biz/
====================================
‘Tis the Season
===================================
I wish I could tell you that Halloween is done for 2009; but I can’t. ‘Tis the season for Yellow Pages advertising contracts. Many of you may be nervous about the economy and you may be unsettled about your marketing initiatives for the remainder of the year. There is hope! My first suggestion is to look back at where you got your new clients. Chances are it’s not out of the Yellow Pages. For most businesses, I have seen Yellow Pages advertising drive price shoppers to the phone versus people with money to spend. So take a long hard look at how you spend your marketing budget and where those new clients are coming from. If the majority is coming from Yellow Pages, good for you. If not, then downsize, downsize, downsize that ad! Be careful, reps for Yellow Pages are notorious for not letting you walk away from a “deal”, so they’ll be quite aggressive in convincing you to stay. But check out these facts:
* Hotels have stopped stocking their rooms with Yellow Pages, because their guests are connected to the internet with their phones.
* There are more Yellow Pages books in the marketplace that people with telephones
* More people are using the internet to find phone numbers than ever before
* People are concerned about our landfills being junked up with Yellow Pages, so they’re not even picking them up any more.
Less is more. Especially when it comes to advertising in the Yellow Pages. You have my permission to not think twice about slashing that budget like Freddie Krueger would slash his next unwitting victim. BOO!
Aside from Coach Linda Fayerweather – many yellow pages contracts must be cancelled with a certified letter!
Copyright 2008 Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 10 years of delivering results for our clients.
http://www.rebeccaboothmarketinggoddess.com/
http://www.marketinginabox.biz/
Links of Interest
Bob Nelson wrote "1001 Ways to Reward Employees" available at:
More on SWOT analysis at http://tinyurl.com/SWOTcl
Have a profitable week.
Linda Fayerweather, Editor
Changing Lanes LLC
Tuesday, November 17, 2009
Monday Morning Motivators had a great post about having great customer retention by Paula Frazier at http://ping.fm/Mmras
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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