The inside advantage to selling your life’s work for maximum value.
A famous story tells of an African farmer who gave up his farm to look for a diamond mine, so that he could become fabulously wealthy. He sold his farm and wandered off into the vast African continent for 15 years until finally, broke, alone, sick, tired and exhausted he threw himself into the sea, and drowned!
Meanwhile on his farm, the new farmer was out watering his mule in a stream that cut across his land. He noticed a rock that threw off light in all directions – which was found to be a diamond. They returned to the stream to find another, and discovered that the farm was covered with acres of diamonds!
The farmer had gone off seeking diamonds elsewhere, without looking under his own feet.
It is the same for your business. Your business is a field of diamonds that you can capitalise on when you sell your life's work.
Why sell your business? Maybe:
1. The fun has faded
2. You have lost a major client, supplier or team member
3. You have hit a patch of ill health
4. The market collapses
5. You have an immediate need for cash for a equipment upgrade or to pay a partner out
6. New legislation means you have to reconsider your options
7. Litigation
8. There is no family successor
9. You want to spend more time with your family or go on an extended holiday
10. A better opportunity has come along
Most business owners will only sell a business once in a lifetime. Without previous experience it can be difficult, complicated and emotionally a very stressful experience. It is also a major financial decision and can be a costly one unless all areas are considered.
Preparing for sale
So what do you need to do? Be prepared before you list your business for sale. Just like diamond mining, a bit of digging and preparation can substantially increase the value you generate.
A comprehensive plan for selling your business will give you the highest probability for gaining maximum sale value. With as little as 3 months to 2 years preparation, you will significantly generate a more profitable exit from the business.
First, you need to think like a buyer.
They want to know ‘what’s the financial and strategic benefit to me to buy this business?’ Basically – what's in it for them?
When buyers look at a business, they place a dollar value on things such as profitability, business risks and the profit & growth potential. By looking at these factors and creating a solid plan to address them prior to listing your business for sale, you can dramatically increase the sale price of your business.
The following model shows how you can increase the value of the sale of your business 2 to 9 times.
The Proactive Business Sale Model
To work through this example, the goodwill component of a current business has a net profit after tax (NPAT) of $100,000.
Activity Impacted Value
1. Current business not prepared for sale $200,000
2. Introduction of structured marketing, people, operations, & financial systems for better team and clients, strong systems & greater profit (+50% NPAT) $300,000
3. Reduce risks through agreements with team, clients & suppliers & stronger diversified client base with better products/services (+33% NPAT) $400,000
4. Strong history of profit growth (+25% NPAT) $500,000
So being motivated for a higher sale price is a key, but more so I believe is a critical question to ask is when selling, ‘what does life look like after the sale?’
Then if we confront that issue, we find you’ll be willing to put time & effort into preparing the business for sale. Possibilities will open up, for e.g. for some, the pursuit of having a long holiday in the short term, honorary charitable work, developing another opportunity. There really is an extensive checklist available.
Preparing for Sale Action Steps
1. Review your business model. Determine when you want to exit the business and implement strategies to increase sustainable profits, reduce risks, & build a platform for growth potential in order to boost ultimate sale value.
2. Create a personal plan. No longer working in your business requires some careful thought and planning). So talk to a professional about life after the sale of your business to include. For example develop another opportunity, a long term holiday, charity work etc.
3. Assess your sale price. Have an independent valuation prepared whilst also being aware of the current market value of comparable businesses so you don't under or overvalue your business. Then see how this lines up with your personal financial goals.
4. Checklist of potential buyers. Assess potential buyers for your business from a wide pool of potential buyers including your competitors, customers, employees or alliance partners. Start building relationships with them and create public awareness of yoru business well before the possible sale date to maximise your buyer pool. Find out their reasons for wanting to buy your business as this will help create negotiating leverage.
5. Develop your documentation. Develop your sale information memorandum outlining your business & its potential to a buyer. Additionally develop all legal documentation including for example 1. Confidentiality agreements 2. Heads of agreement 3. Due diligence checklists 4. Share sale agreements 5. Shareholding and employment contracts 6. Trademark transfer to name but a few of the more relevant.
6. Create a marketing plan. Develop a strong marketing program to a potential buyers pool to attract and develop multiple buyers which will build competitive tension and improve your sale value.
7. Develop a strong negotiation. Negotiations are emotional at the best of times – but when they are about the value of your life's work it is harder to be impartial. Remain detached during negotiations or have someone negotiate on your behalf in order to retain the upper hand.
8. Get good advice. From my personal & professional 25 years of experience, using independent, experienced professional advisors, accountants, lawyers or business sales consultants who have taken a number of owners through the sale process is invaluable. The best advisors understand your industry so find a specialist who understands and values what makes a successful professional practice sale. Look at these professional fees as an investment not a cost.
In essence, how much your business is worth is inextricably linked to “who will buy my business?”……
The bottom line is if you prepare your business for sale, you will gain a greater sale price, a quicker sale, as well as increasing your personal profits during the preparation phase. Isn't this the true mining of the diamonds at your feet?
Monday, February 9, 2009
Thursday, January 15, 2009
Predictor of the Future
You don't need a crystal ball to determine the success of your business
I was talking with a new client the other day on the Central Coast, who had just been trying to work out what was going to happen in their business as a result of the economic downturn. I suggested "if you really want to predict how successful your business is going to be, just look at how you treat your customers."
In my experience, if you treat your customers well, provide services they need in a timely, cost-effective and friendly fashion you are likely to generate repeat business. It is this repeat business and client loyalty that has a major impact on business growth & profitability.
If your business strategy and its execution results in a high proportion of loyal clients who are also strong advocates or promoters of your business, then you can confidently predict a highly successful future for your business.
Looking for a low cost strategy that boosts your profits by up to 100%?
Sometime ago Bain & Co., a management consulting firm, revealed that a 5% increase in customer loyalty could yield an increase in profits of 25% to 100% and that companies with the highest level of loyalty grew revenue at a rate of twice that of their competitors.
Repeat business is obviously financially good for business, but how can you accurately predict how loyal your customers are to you? To do this for my clients I use what I call The Advocate Index (TAI).
To calculate the TAI, we start by conducting in-depth phone focus groups with clients of our clients, to gain feedback as to how they are going and also to understand what are their priorities.
During this process we ask a key question that provides us with the most valuable feedback of the focus group: “Would you give an unqualified endorsement (or recommendation) of this company to a business colleague or friend?”
With this question we ask for a rating of 0 to 10, where a score of zero indicates the respondent is not likely to recommend the company and a score of 10 indicates it is extremely likely.
Clients generally fall into one of three groups on this question.
There are 3 types of clients in your future ...
Advocates
These are people who are loyal enthusiasts who not only love dealing with the company but will urge their friends to do likewise. They are advocates and will generally give a score of 9 out 10 on the scale. They are your enthusiastic supporters.
Passives
These are the people who are satisfied but not overly enthusiastic who show subtle loyalty, yet could easily switch to a competitor if the right price came along or they built stronger relationships with your competitor. These people we call passives and generally will give a score of 7 or 8 on the scale.
Critics
The final group are called critics. These are people who are unhappy and are often feeling trapped in their relationship with the company and are what I call ‘C’ clients or ‘cash cows’ or ‘D’ clients for detractors. They generally give a score of 0 to 6.
Bill Gates said "Your most unhappy customers are your greatest source of learning". Listen to what they have to say and take their feedback on board.
The TAI is simply the difference between the percentage of people who give a score of 9-10 (advocates) and the percentage who score 6 and below (critics).
But what does that mean for your business? In our experience there is a strong correlation between those companies with a high TAI score and those with high profitability and high company value.
So, firstly, consider having independently asked 10 sample clients who will give good constructive feedback to the above questions and determine your current rating, then consider the following plan.
How to boost the number of your Advocates
If you suspect your TAI may not be as high as it could be, you need to seriously consider introducing client service standards, relationship marketing for referrals, client management systems and build the number and quality of your strategic alliance partners to help you boost the number of advocates for your company.
Introducing customer service strategies involves 3 specific actions:
1. Decide to take action to build and adhere to strong client service standards.
2. Deliver with superb service, strong relationship marketing for clients and strategic alliance partners.
3. Develop these processes through a simple structured client & alliance management program and reinforcement with your team of client service standards to ensure regular & reliable consistent high level service.
Building a team culture around continuous improvement in developing the client experience provides great internal focus and purpose for your entire company.
Incidentally another intrinsic benefit of having advocates is advocates tend to give more energy to your team, bring more fun and as a result you’re more likely to do your best work for them.
So consider taking stock of your TAI measurement index each 6 to 12 months to evaluate how far down the path to success you are.
By monitoring your TAI score you can see if your business is getting better or worse in the minds of your clients and what impact introducing customer service strategies are having on improving your score.
In the words of Mahatma Gandi:
In these difficult economic times this low cost high return strategy is indispensable to give you a competitive advantage. To predict and make your future successful you don't need a psychic – just pay close attention to monitoring your client satisfaction.
I was talking with a new client the other day on the Central Coast, who had just been trying to work out what was going to happen in their business as a result of the economic downturn. I suggested "if you really want to predict how successful your business is going to be, just look at how you treat your customers."
In my experience, if you treat your customers well, provide services they need in a timely, cost-effective and friendly fashion you are likely to generate repeat business. It is this repeat business and client loyalty that has a major impact on business growth & profitability.
If your business strategy and its execution results in a high proportion of loyal clients who are also strong advocates or promoters of your business, then you can confidently predict a highly successful future for your business.
Looking for a low cost strategy that boosts your profits by up to 100%?
Sometime ago Bain & Co., a management consulting firm, revealed that a 5% increase in customer loyalty could yield an increase in profits of 25% to 100% and that companies with the highest level of loyalty grew revenue at a rate of twice that of their competitors.
Repeat business is obviously financially good for business, but how can you accurately predict how loyal your customers are to you? To do this for my clients I use what I call The Advocate Index (TAI).
To calculate the TAI, we start by conducting in-depth phone focus groups with clients of our clients, to gain feedback as to how they are going and also to understand what are their priorities.
During this process we ask a key question that provides us with the most valuable feedback of the focus group: “Would you give an unqualified endorsement (or recommendation) of this company to a business colleague or friend?”
With this question we ask for a rating of 0 to 10, where a score of zero indicates the respondent is not likely to recommend the company and a score of 10 indicates it is extremely likely.
Clients generally fall into one of three groups on this question.
There are 3 types of clients in your future ...
Advocates
These are people who are loyal enthusiasts who not only love dealing with the company but will urge their friends to do likewise. They are advocates and will generally give a score of 9 out 10 on the scale. They are your enthusiastic supporters.
Passives
These are the people who are satisfied but not overly enthusiastic who show subtle loyalty, yet could easily switch to a competitor if the right price came along or they built stronger relationships with your competitor. These people we call passives and generally will give a score of 7 or 8 on the scale.
Critics
The final group are called critics. These are people who are unhappy and are often feeling trapped in their relationship with the company and are what I call ‘C’ clients or ‘cash cows’ or ‘D’ clients for detractors. They generally give a score of 0 to 6.
Bill Gates said "Your most unhappy customers are your greatest source of learning". Listen to what they have to say and take their feedback on board.
The TAI is simply the difference between the percentage of people who give a score of 9-10 (advocates) and the percentage who score 6 and below (critics).
But what does that mean for your business? In our experience there is a strong correlation between those companies with a high TAI score and those with high profitability and high company value.
So, firstly, consider having independently asked 10 sample clients who will give good constructive feedback to the above questions and determine your current rating, then consider the following plan.
How to boost the number of your Advocates
If you suspect your TAI may not be as high as it could be, you need to seriously consider introducing client service standards, relationship marketing for referrals, client management systems and build the number and quality of your strategic alliance partners to help you boost the number of advocates for your company.
Introducing customer service strategies involves 3 specific actions:
1. Decide to take action to build and adhere to strong client service standards.
2. Deliver with superb service, strong relationship marketing for clients and strategic alliance partners.
3. Develop these processes through a simple structured client & alliance management program and reinforcement with your team of client service standards to ensure regular & reliable consistent high level service.
Building a team culture around continuous improvement in developing the client experience provides great internal focus and purpose for your entire company.
Incidentally another intrinsic benefit of having advocates is advocates tend to give more energy to your team, bring more fun and as a result you’re more likely to do your best work for them.
So consider taking stock of your TAI measurement index each 6 to 12 months to evaluate how far down the path to success you are.
By monitoring your TAI score you can see if your business is getting better or worse in the minds of your clients and what impact introducing customer service strategies are having on improving your score.
In the words of Mahatma Gandi:
A customer is the most important visitor on our premises; he is not dependent on
us. We are dependent on him. He is not an interruption in our work. He is the
purpose of it. He is not an outsider in our business. He is part of it. We are
not doing him a favour by serving him. He is doing us a favour by giving us an
opportunity to do so.
In these difficult economic times this low cost high return strategy is indispensable to give you a competitive advantage. To predict and make your future successful you don't need a psychic – just pay close attention to monitoring your client satisfaction.
Saturday, December 20, 2008
The 3 Must Do Priorities for 2009
As you prepare for 2009, here are three universal priorities that will have a significant impact on both you and your company:
1. Focus on Strengths
Instead of hiring more (and extremely difficult to find) surveyors to keep up with the growth, one of our clients focused on making his current surveyors happier and more productive. How?
He took a page from strength guru Marcus Buckingham. I had read his highly successful book, Now, Discover Your Strengths, but had never really understood the power of his ideas until thinking about them in depth.
One of the finest communicators I’ve ever read, Marcus drove home the point that we waste way too much time trying to fix our individual weaknesses and should instead play to our strengths, focusing on activities that energise and make us strong, while finding ways to delegate or eliminate those activities that drain us. To do this, Buckingham suggests taking a couple of weeks and documenting all those activities you either love or loathe (I’m doing this right now as I write this column).
This is precisely what my client has his surveyors do, noting all the activities that are energy draining and keeping them away from their primary strength – surveying. He then compiles this list, eliminates those activities no one should have to do (they creep into every job) and then uses the remaining list to create a job description for a new position. He then finds someone whose strengths and passion matches this combined list of activities. Result – happier, easier to retain, and more productive surveyors while minimising the need to hire more.
2. “Stop Doing” List
A perennial New Year’s exercise, I’ll keep emphasizing the importance of saying “no” so long as I’m writing for and advising leaders of growth firms. As Jim Collins emphasizes in his book Good to Great, we need “stop doing” lists more than we need “start doing” lists.
Along the same vein of Buckingham’s strengths revolution, if you are unhappy with anything….whatever is bringing you down, get rid of it. Because you’ll find that when you’re free, your true creativity, your true self comes out.
As part of your annual planning process, decide on two significant “stop doings” for 2009 – services that need to be eliminated; activities that can be halted; ‘C’ & ‘D’ customers with whom you’ll spend less time; poor performing team members to let go. Anything that’s brining the company down, purge from organisation. Until you close some doors, others can’t open.
3. Three Concrete Objectives
Circling back to Marcus Buckingham he reminded us of the brilliance of New York City Mayor Rudy Giuliani’s clarity of objectives when he first took office. Faced with a city wracked by a myriad of major problems, it would be easy for any leadership team to feel overwhelmed. Yet, Giuliani stayed focused and picked one single priority and message – a priority he believed would be the first domino that would create a chain reaction of other good things to happen in the city.
He decided to focus on enforcing the city’s petty crime laws, enacting a no tolerance policy; his theory being that hardened criminals start as petty law breakers. Then he got even more specific, outlining three concrete and visible objectives:
Rid the city of the squeegee guys using jaywalking laws (for those unfamiliar with these people, they would linger around tunnel entrances and major intersections and clean your windshield and then expect a tip). Eliminate graffiti from the subways. Make the taxicab drivers wear collared shirts.
In 2009, rather than babble on about generalities like improving customer service or driving revenue or reducing costs, get concrete and specific. Name three specific and measurable changes, like reducing turnaround time from 2 weeks to 5 days, you expect will create a positive chain reaction throughout the organisation.
There you have it: Focus on Strengths; Create “Stop Doing” Lists; and outline Three Concrete Objectives for 2009. Here’s to a profitable and growth-oriented 12 months!
1. Focus on Strengths
Instead of hiring more (and extremely difficult to find) surveyors to keep up with the growth, one of our clients focused on making his current surveyors happier and more productive. How?
He took a page from strength guru Marcus Buckingham. I had read his highly successful book, Now, Discover Your Strengths, but had never really understood the power of his ideas until thinking about them in depth.
One of the finest communicators I’ve ever read, Marcus drove home the point that we waste way too much time trying to fix our individual weaknesses and should instead play to our strengths, focusing on activities that energise and make us strong, while finding ways to delegate or eliminate those activities that drain us. To do this, Buckingham suggests taking a couple of weeks and documenting all those activities you either love or loathe (I’m doing this right now as I write this column).
This is precisely what my client has his surveyors do, noting all the activities that are energy draining and keeping them away from their primary strength – surveying. He then compiles this list, eliminates those activities no one should have to do (they creep into every job) and then uses the remaining list to create a job description for a new position. He then finds someone whose strengths and passion matches this combined list of activities. Result – happier, easier to retain, and more productive surveyors while minimising the need to hire more.
2. “Stop Doing” List
A perennial New Year’s exercise, I’ll keep emphasizing the importance of saying “no” so long as I’m writing for and advising leaders of growth firms. As Jim Collins emphasizes in his book Good to Great, we need “stop doing” lists more than we need “start doing” lists.
Along the same vein of Buckingham’s strengths revolution, if you are unhappy with anything….whatever is bringing you down, get rid of it. Because you’ll find that when you’re free, your true creativity, your true self comes out.
As part of your annual planning process, decide on two significant “stop doings” for 2009 – services that need to be eliminated; activities that can be halted; ‘C’ & ‘D’ customers with whom you’ll spend less time; poor performing team members to let go. Anything that’s brining the company down, purge from organisation. Until you close some doors, others can’t open.
3. Three Concrete Objectives
Circling back to Marcus Buckingham he reminded us of the brilliance of New York City Mayor Rudy Giuliani’s clarity of objectives when he first took office. Faced with a city wracked by a myriad of major problems, it would be easy for any leadership team to feel overwhelmed. Yet, Giuliani stayed focused and picked one single priority and message – a priority he believed would be the first domino that would create a chain reaction of other good things to happen in the city.
He decided to focus on enforcing the city’s petty crime laws, enacting a no tolerance policy; his theory being that hardened criminals start as petty law breakers. Then he got even more specific, outlining three concrete and visible objectives:
Rid the city of the squeegee guys using jaywalking laws (for those unfamiliar with these people, they would linger around tunnel entrances and major intersections and clean your windshield and then expect a tip). Eliminate graffiti from the subways. Make the taxicab drivers wear collared shirts.
In 2009, rather than babble on about generalities like improving customer service or driving revenue or reducing costs, get concrete and specific. Name three specific and measurable changes, like reducing turnaround time from 2 weeks to 5 days, you expect will create a positive chain reaction throughout the organisation.
There you have it: Focus on Strengths; Create “Stop Doing” Lists; and outline Three Concrete Objectives for 2009. Here’s to a profitable and growth-oriented 12 months!
Sunday, June 15, 2008
Get Great Results with 3 Simple Ideas for 08/09
This month's top tips come with a little help from the guru himself, Marcus Buckingham. After reading his highly successful book, “Now, Discover Your Strengths” and then seeing a client put Buckingham’s words into practice, I really started to understand the power of his ideas.
Our top tips this month are simple and straightforward and requires some ‘out of the box’ thinking, but they are very powerful and will have a significant impact on both you and your company, once put into use:
1. FOCUS ON STRENGTHS
Quality not quantity – invest in and play to your teams’ strengths.
Instead of wasting valuable time and money on recruiting more Surveyors to keep up with growth, try focussing on making your current employees happier and more productive. By concentrating on activities that energise and make them strong, while simultaneously finding ways to delegate or eliminate those activities that drain them, you will see an immediate improvement in morale, performance and loyalty.
How do you do this you ask? Just like Buckingham suggested, my client had his Surveyors note all the activities that were inhibiting them from their primary strength – Surveying (I am doing this right now as I write this column). He then compiled the list, eliminated those activities no one should have to do and used the remaining list to create a job description for a new position. This allowed him to then find someone whose strengths and passion would thrive within that job, whilst the performance of his existing Surveyors improved ten-fold.
2. CREATE A ‘STOP DOING’ LIST
The importance of simply saying NO.
Two inspirational men agree on this philosophy. Jim Collins, emphasises in his book “Good to Great” that we need “stop doing” lists more so than “start doing” lists. Buckingham’s strength revolution says “if you are unhappy with anything, whatever is bringing you down, get rid of it. Because you’ll find that when you’re free, your true creativity, your true self comes out.”
So, what do you do? Write a ‘stop doing’ list as part of your 08/09 planning session, don’t go overboard, and just pick 3 - 4 significant issues within your business that need addressing.
A ‘stop doing’ list sample:
1. Eliminate services that are unprofitable
2. Cut ties with “C” and “D” list clients that are taking up too much time
3. Let go of poor performing team members
4. Stop activities that are just not worth continuing
Add to your list anything that is inhibiting the company’s performance. Until you close some doors, other doors can’t open.
3. SET THREE CLEAR, CONCRETE AND VISIBLE OBJECTIVES
Simple clear direction can lead to vast improvements.
When planning for the year, it is so easy to be too general and waffle on about high level objectives, for example, improving customer service or reducing costs. This year try to name three specific and measurable changes that will create a positive chain reaction throughout your organisation.
Buckingham again reminds us of this strategy through the brilliance of New York Mayor, Rudy Giuliani’s clarity of objectives when he first took office.
Faced with a city wracked by a myriad of major problems, Giuliani stayed focused and picked one single priority and message – a priority he believed would be the first domino that would create a chain reaction of other good things to happen in the city.
He decided to focus on enforcing the city’s petty crime laws, enacting a “no tolerance” policy; his theory being that hardened criminals start as petty law breakers. Then he got even more specific, outlining three concrete and visible objectives:
1. Rid the city of the squeegee guys who were breaking jaywalking laws (for those unfamiliar with these people, they would linger around tunnel entrances and major intersections and clean your windshield and then expect a tip)
2. Eliminate graffiti from the subways
3. Make the taxicab drivers wear collared shirts
So as you can see, thinking more specific and setting concrete and visible objectives can have a major impact on the rest of your organisation, without wasting time planning a myriad of unachievable objectives.
I can’t emphasise enough the importance of trying these top tips in your Surveying practice. I myself have conducted the above ‘must dos’, so I can say first hand I have put my advice into practice when writing and advising leaders of growth firms. Give it a go and watch the growth in your Surveying practice over the next twelve months.
Our top tips this month are simple and straightforward and requires some ‘out of the box’ thinking, but they are very powerful and will have a significant impact on both you and your company, once put into use:
1. FOCUS ON STRENGTHS
Quality not quantity – invest in and play to your teams’ strengths.
Instead of wasting valuable time and money on recruiting more Surveyors to keep up with growth, try focussing on making your current employees happier and more productive. By concentrating on activities that energise and make them strong, while simultaneously finding ways to delegate or eliminate those activities that drain them, you will see an immediate improvement in morale, performance and loyalty.
How do you do this you ask? Just like Buckingham suggested, my client had his Surveyors note all the activities that were inhibiting them from their primary strength – Surveying (I am doing this right now as I write this column). He then compiled the list, eliminated those activities no one should have to do and used the remaining list to create a job description for a new position. This allowed him to then find someone whose strengths and passion would thrive within that job, whilst the performance of his existing Surveyors improved ten-fold.
2. CREATE A ‘STOP DOING’ LIST
The importance of simply saying NO.
Two inspirational men agree on this philosophy. Jim Collins, emphasises in his book “Good to Great” that we need “stop doing” lists more so than “start doing” lists. Buckingham’s strength revolution says “if you are unhappy with anything, whatever is bringing you down, get rid of it. Because you’ll find that when you’re free, your true creativity, your true self comes out.”
So, what do you do? Write a ‘stop doing’ list as part of your 08/09 planning session, don’t go overboard, and just pick 3 - 4 significant issues within your business that need addressing.
A ‘stop doing’ list sample:
1. Eliminate services that are unprofitable
2. Cut ties with “C” and “D” list clients that are taking up too much time
3. Let go of poor performing team members
4. Stop activities that are just not worth continuing
Add to your list anything that is inhibiting the company’s performance. Until you close some doors, other doors can’t open.
3. SET THREE CLEAR, CONCRETE AND VISIBLE OBJECTIVES
Simple clear direction can lead to vast improvements.
When planning for the year, it is so easy to be too general and waffle on about high level objectives, for example, improving customer service or reducing costs. This year try to name three specific and measurable changes that will create a positive chain reaction throughout your organisation.
Buckingham again reminds us of this strategy through the brilliance of New York Mayor, Rudy Giuliani’s clarity of objectives when he first took office.
Faced with a city wracked by a myriad of major problems, Giuliani stayed focused and picked one single priority and message – a priority he believed would be the first domino that would create a chain reaction of other good things to happen in the city.
He decided to focus on enforcing the city’s petty crime laws, enacting a “no tolerance” policy; his theory being that hardened criminals start as petty law breakers. Then he got even more specific, outlining three concrete and visible objectives:
1. Rid the city of the squeegee guys who were breaking jaywalking laws (for those unfamiliar with these people, they would linger around tunnel entrances and major intersections and clean your windshield and then expect a tip)
2. Eliminate graffiti from the subways
3. Make the taxicab drivers wear collared shirts
So as you can see, thinking more specific and setting concrete and visible objectives can have a major impact on the rest of your organisation, without wasting time planning a myriad of unachievable objectives.
I can’t emphasise enough the importance of trying these top tips in your Surveying practice. I myself have conducted the above ‘must dos’, so I can say first hand I have put my advice into practice when writing and advising leaders of growth firms. Give it a go and watch the growth in your Surveying practice over the next twelve months.
Tuesday, April 22, 2008
The Parthenon was "built to last". Was your business?
In 479BC the largest temple on the Greek mainland, the Parthenon, was built by the Athenians following destruction of their city by the Persian forces. After many years of painstaking planning and excruciatingly hard work, the 150 pillar Parthenon has stood the test of time for over 2000 years and has become an apt metaphor for successful business.
A high level of commitment was required to build this amazing structure and this passion and drive is what is also required of any business striving for success today. The business you are building is as important to you as the Parthenon was to the Greeks. Like the Parthenon, your business is also supported by pillars which are integral to its stability and survival; ergo The Parthenon Principle.
This ‘Parthenon principle’ is based on the philosophy of strengthening your business pillars through constant small changes, resulting in the improvement of the overall success of your business - ideally increasing productivity and profitability.
Just as the ancient Greeks found all those years ago, “Small improvements in multiple areas of your business can result in large improvements in your results.”
Every business consists of several foundation systems (pillars), all of which are interrelated. In our coaching program we consider these core systems to be:
• Sales
• Service
• Pricing
• Promotion
• Referrals
• Productivity and
• Profitability
An improvement in any one of these systems can lead to the overall success of your business.
As the table below indicates, if you achieve just a small improvement of 10% in each key pillar, the cumulative effect will impact the overall productivity and profitability of your business, possibly doubling your business profits over the next few years.
Business Pillar Performance Improvement Cumulative Effect
Services 10% 1.10
Pricing 10% 1.21
Promotion 10% 1.32
Referrals 10% 1.46
Selling 10% 1.61
Productivity 10% 1.76
Profitability 10% 1.94
What are some examples of small improvements you may ask?
I have outlined below some suggestions that will get you thinking… remember the Athenians hard work and dedication paid off, the Parthenon is physical proof of that , that same level of commitment from you can achieve that same level of ultimate success.
OUR 7 TOP TIPS TO STRENGTHEN YOUR PILLARS & BUILD YOUR PARTHENON
1. Sales
Increase your conversion rate of inbound opportunities by enhancing your selling skills and proposal winning techniques. Understanding good sales techniques gets you that step closer to a done deal.
2. Service
Quality service is paramount.
• Try providing a ‘packaged service’. Bundle related services together (e.g. engineering support, town planning and project management) so your clients only need to come to you. Work with alliance partners to develop a service solution for your clients.
• Make your business more client-friendly; consider the final presentation of your product and how you can improve the customer service experience.
3. Pricing
You are running a professional practice supplying a quality service and product, ensure you are charging appropriately! Don’t discount, make sure you charge a professional fee. Try increasing your charges by 10% to a more commercial level. Review after a month and assess the results.
4. Promotion• There is a lot to be said for investing in existing clients rather than spending time on finding new ones. Client management is about building relationships. Take the time to visit your clients and find out ‘how you can help them more’.
• Don’t forget about your clients, communicate on a regular basis, keep them informed about what you are doing and services that can assist them.
• Build relationships with those alliance partners (i.e. Engineers, lawyers, town planners, architects etc.) so you can provide them also with the ‘packaged service’ mentioned above. Create a platform of win-win for both parties.
5. Referrals
Once you have strengthened your relationships with your clients and alliance partners proactively seek high quality referrals from them. Word-of-mouth is a valuable tool.
6. Productivity
Set daily productivity targets (i.e. chargeable hours), monitor them through simple reporting procedures and ultimately increase them by a minimum of 10%. Watch your bottom line profits soar!
7. Profitability
When was the last time you reviewed your expenses from your Profit and Loss statement to evaluate if you can reduce or eliminate them?
Put these 7 tips into practice and start seeing the rewards. Solid foundations will provide a platform for your business to succeed. Remember however you must always review the performance of your pillars and constantly implement small changes and improvements when you see the opportunity.
A high level of commitment was required to build this amazing structure and this passion and drive is what is also required of any business striving for success today. The business you are building is as important to you as the Parthenon was to the Greeks. Like the Parthenon, your business is also supported by pillars which are integral to its stability and survival; ergo The Parthenon Principle.
This ‘Parthenon principle’ is based on the philosophy of strengthening your business pillars through constant small changes, resulting in the improvement of the overall success of your business - ideally increasing productivity and profitability.
Just as the ancient Greeks found all those years ago, “Small improvements in multiple areas of your business can result in large improvements in your results.”
Every business consists of several foundation systems (pillars), all of which are interrelated. In our coaching program we consider these core systems to be:
• Sales
• Service
• Pricing
• Promotion
• Referrals
• Productivity and
• Profitability
An improvement in any one of these systems can lead to the overall success of your business.
As the table below indicates, if you achieve just a small improvement of 10% in each key pillar, the cumulative effect will impact the overall productivity and profitability of your business, possibly doubling your business profits over the next few years.
Business Pillar Performance Improvement Cumulative Effect
Services 10% 1.10
Pricing 10% 1.21
Promotion 10% 1.32
Referrals 10% 1.46
Selling 10% 1.61
Productivity 10% 1.76
Profitability 10% 1.94
What are some examples of small improvements you may ask?
I have outlined below some suggestions that will get you thinking… remember the Athenians hard work and dedication paid off, the Parthenon is physical proof of that , that same level of commitment from you can achieve that same level of ultimate success.
OUR 7 TOP TIPS TO STRENGTHEN YOUR PILLARS & BUILD YOUR PARTHENON
1. Sales
Increase your conversion rate of inbound opportunities by enhancing your selling skills and proposal winning techniques. Understanding good sales techniques gets you that step closer to a done deal.
2. Service
Quality service is paramount.
• Try providing a ‘packaged service’. Bundle related services together (e.g. engineering support, town planning and project management) so your clients only need to come to you. Work with alliance partners to develop a service solution for your clients.
• Make your business more client-friendly; consider the final presentation of your product and how you can improve the customer service experience.
3. Pricing
You are running a professional practice supplying a quality service and product, ensure you are charging appropriately! Don’t discount, make sure you charge a professional fee. Try increasing your charges by 10% to a more commercial level. Review after a month and assess the results.
4. Promotion• There is a lot to be said for investing in existing clients rather than spending time on finding new ones. Client management is about building relationships. Take the time to visit your clients and find out ‘how you can help them more’.
• Don’t forget about your clients, communicate on a regular basis, keep them informed about what you are doing and services that can assist them.
• Build relationships with those alliance partners (i.e. Engineers, lawyers, town planners, architects etc.) so you can provide them also with the ‘packaged service’ mentioned above. Create a platform of win-win for both parties.
5. Referrals
Once you have strengthened your relationships with your clients and alliance partners proactively seek high quality referrals from them. Word-of-mouth is a valuable tool.
6. Productivity
Set daily productivity targets (i.e. chargeable hours), monitor them through simple reporting procedures and ultimately increase them by a minimum of 10%. Watch your bottom line profits soar!
7. Profitability
When was the last time you reviewed your expenses from your Profit and Loss statement to evaluate if you can reduce or eliminate them?
Put these 7 tips into practice and start seeing the rewards. Solid foundations will provide a platform for your business to succeed. Remember however you must always review the performance of your pillars and constantly implement small changes and improvements when you see the opportunity.
Thursday, February 21, 2008
Developing and managing your Brand Advantage
It is estimated that if you were to try and buy the Coca Cola Brand today the asking price would be in the region of $US70 billion dollars - more than 60% of the total worth of the company. Now while most of us won’t be making an offer in the near future, the fact that the brand as a single element is worth more than all of the other assets put together provides us with food for thought. Indeed it is indication of why your brand, whether you are a giant soft drink producer or a small professional practice is so incredibly important.
A strong brand is both a long term asset and an everyday business advantage.
What is a Brand?
The term ‘Brand’ can be applied to a person, organisation, product or service. The Brand will appear on business cards, labels, brochures, websites, advertising or the front door of a one person professional services organisation. At its most simple level it is a device along with a logo that will differentiate your product or service from a competitor. The way in which a brand name is displayed such as the logo and type face can carry a message of modernity or conservatism, amongst other important elements of a brand’s character.
However Branding has moved far beyond simply differentiating one competitive product from another. As competition has become more and more intense over the years ‘Branding’ has been the subject of vast levels of research and development.
The most important difference between Branding before the 1970’s and after was the realisation that branding had gone beyond a simple ‘positioning statement’ or the often discussed Unique Selling Proposition (USP). The USP suggested that there really is a difference between one product or service that could be readily identified and protected. Technology and its partner ‘speed’ made real USPs increasingly rare.
Developing a Brand
Most modern marketers look at a brand as if it were a person (e.g. think of Virgin – think of Richard Branson). Indeed the aim of modern branding is to make the product or service something that your target audience wants to be associated with and sees as their friend.
Branding is not just about putting your name on the door or at the bottom of posters in your local area – it is about creating an attractive and strong character for your brand that will be attractive to potential customers.
Understanding your target market and what they want
Having moved from rational product differentiation (positioning) to emotional differentiation (personality) we need as marketers of our brand to understand our clients and potential clients.
Once we start to think of clients as emotional and rational beings rather than just rational – we can see that a brand of jeans might help tell the world that you are single and adventurous, or a brand of aftershave might say that you were sophisticated. Marketers understand the emotional because the character of the brand has been developed to deliver these messages.
Truly successful Branding seeks to marry the emotional and rational sides of a Brand. It is called Brand Character. To justify the purchase of a Mercedes or BMW we might talk rationally about the superior engineering or high resale value in the case of Mercedes or the precise handling of the BMW. And while these rational things are true, Mercedes recognise that they are appealing to a desire to demonstrate status or power within the community or the company in the case of Mercedes, whereas BMW are appealing to those who want to be seen as successful but still ambitious business people.
Starting to develop your Brand Character.
Here are some questions you might like to ask yourself.
• How long is it since I updated my logo and the look of my overall presentation?
• Do I want to be seen as modern and vital or perhaps long established, conservative and considered?
• More importantly, what image would my current or potential clients wish to be associated with?
• Depending on the answer – Do my premises, furniture, business card, dress code and attitude support that image?
• If I have a current logo – have I taken the trouble to make sure that this is constantly seen or are there items that have not been branded – old order forms or work sheets for example?
• Do I have a consistent look for communication? If you were doing a Powerpoint presentation would it have a standard template?
Working with the answers to questions such as these you can begin to develop and communicate a character for your brand that will help you gain business and build your business. The Character you create will demonstrate more than simply professional excellence (which naturally is of primary importance) but will also demonstrate an understanding and connection with your target audience that will give you a Brand Advantage over your competitors.
Coca Cola again
At a supermarketing conference a number of years ago the Chairman of Coca Cola – the company with a $70 Billion brand – was asked a question about the distribution of the product in Asia. His answer was that he had no idea and that if the questions were about the marketing of the product then they had the wrong man. He went on to say that his role was to manage the image of Coca Cola at government and legislative levels particularly in the US and other leading market economies. In essence he was involved with maintaining the Brand Character of Coke with key influencers as far as its future was concerned. This of course is an area which could have enormous influence on the Brand’s Character at consumer level.
Take a look at your Brand Character today. Look to strengthening your connection with your target audience and creating an image and promise that meets their needs – both rational and emotional. Use you Brand Advantage to build you business.
A strong brand is both a long term asset and an everyday business advantage.
What is a Brand?
The term ‘Brand’ can be applied to a person, organisation, product or service. The Brand will appear on business cards, labels, brochures, websites, advertising or the front door of a one person professional services organisation. At its most simple level it is a device along with a logo that will differentiate your product or service from a competitor. The way in which a brand name is displayed such as the logo and type face can carry a message of modernity or conservatism, amongst other important elements of a brand’s character.
However Branding has moved far beyond simply differentiating one competitive product from another. As competition has become more and more intense over the years ‘Branding’ has been the subject of vast levels of research and development.
The most important difference between Branding before the 1970’s and after was the realisation that branding had gone beyond a simple ‘positioning statement’ or the often discussed Unique Selling Proposition (USP). The USP suggested that there really is a difference between one product or service that could be readily identified and protected. Technology and its partner ‘speed’ made real USPs increasingly rare.
Developing a Brand
Most modern marketers look at a brand as if it were a person (e.g. think of Virgin – think of Richard Branson). Indeed the aim of modern branding is to make the product or service something that your target audience wants to be associated with and sees as their friend.
Branding is not just about putting your name on the door or at the bottom of posters in your local area – it is about creating an attractive and strong character for your brand that will be attractive to potential customers.
Understanding your target market and what they want
Having moved from rational product differentiation (positioning) to emotional differentiation (personality) we need as marketers of our brand to understand our clients and potential clients.
Once we start to think of clients as emotional and rational beings rather than just rational – we can see that a brand of jeans might help tell the world that you are single and adventurous, or a brand of aftershave might say that you were sophisticated. Marketers understand the emotional because the character of the brand has been developed to deliver these messages.
Truly successful Branding seeks to marry the emotional and rational sides of a Brand. It is called Brand Character. To justify the purchase of a Mercedes or BMW we might talk rationally about the superior engineering or high resale value in the case of Mercedes or the precise handling of the BMW. And while these rational things are true, Mercedes recognise that they are appealing to a desire to demonstrate status or power within the community or the company in the case of Mercedes, whereas BMW are appealing to those who want to be seen as successful but still ambitious business people.
Starting to develop your Brand Character.
Here are some questions you might like to ask yourself.
• How long is it since I updated my logo and the look of my overall presentation?
• Do I want to be seen as modern and vital or perhaps long established, conservative and considered?
• More importantly, what image would my current or potential clients wish to be associated with?
• Depending on the answer – Do my premises, furniture, business card, dress code and attitude support that image?
• If I have a current logo – have I taken the trouble to make sure that this is constantly seen or are there items that have not been branded – old order forms or work sheets for example?
• Do I have a consistent look for communication? If you were doing a Powerpoint presentation would it have a standard template?
Working with the answers to questions such as these you can begin to develop and communicate a character for your brand that will help you gain business and build your business. The Character you create will demonstrate more than simply professional excellence (which naturally is of primary importance) but will also demonstrate an understanding and connection with your target audience that will give you a Brand Advantage over your competitors.
Coca Cola again
At a supermarketing conference a number of years ago the Chairman of Coca Cola – the company with a $70 Billion brand – was asked a question about the distribution of the product in Asia. His answer was that he had no idea and that if the questions were about the marketing of the product then they had the wrong man. He went on to say that his role was to manage the image of Coca Cola at government and legislative levels particularly in the US and other leading market economies. In essence he was involved with maintaining the Brand Character of Coke with key influencers as far as its future was concerned. This of course is an area which could have enormous influence on the Brand’s Character at consumer level.
Take a look at your Brand Character today. Look to strengthening your connection with your target audience and creating an image and promise that meets their needs – both rational and emotional. Use you Brand Advantage to build you business.
Friday, January 18, 2008
Improve your selling techniques to increase your revenues
I think it was a famous Mr Barnum who suggested that there is a sucker born every minute. If we are to believe him then picking up new business and increasing fee revenue in a professional practice shouldn’t be too difficult. The fact of course is that our clients and potential clients are far from being “suckers” and they are always looking for ways to improve their business.
As a professional business coach I am always looking to increase the efficiency and efficacy of my instruction manuals and ability to facilitate my client’s business development. As part of my own improvement I regularly attend conferences or seminars dealing with business development. One the key topics for many speakers relates to the negative effect of ‘comfort zones’.
I see this most often when I deal with professionals, who are highly competent accountants, solicitors, engineers, architects or surveyors, who, however are not prepared to face the many extra challenges that running a successful practice involves.
In my experience one of the most avoided challenges is that of selling. Yet selling is without a doubt a key requirement for growing your practice and even more importantly, good selling techniques can turbo-charge your revenues.
So if you want to see your practice improve in the critical area of revenue – you will have to step outside your professional comfort zone and start to sell. Like everything in life it will take practice but, it is well worth the time. For example here are four ways that you can increase your fee revenue. They each require you to sell. Succeed in just one of these ‘strategies for growth’ and you will be pleasantly surprised. Succeed in all four and you will be amazed at the dramatic growth they produce.
1. Make more sales
It sounds obvious - to increase revenue, simply make more sales and expand your client base. However do you have in place a plan for making more sales? Do you employ a range of techniques such methods for example including converting cold calls for survey proposals, generating referrals from your client base, developing related alliance partners, and more.
2. Sell more often
Some professionals make the mistake of thinking that once a client has been gained, the need for selling is over. The truth is that the selling has just begun. We need to keep selling our enthusiasm and professionalism to keep the business. However the most positive way to maintain a strong and growing client relationship is by finding more and more services we can offer. In short, we need to look for ways to increase the number of times to sell to them. A simple approach is through a structured client management system with regular personal contacts. Listen to their needs and also look to develop more services that can be presented to them.
3. Sell more services
In addition to increasing the number of transactions to our clients, you might also be able to sell additional services. If you have a surveying practice you might offer a one stop shop featuring engineering, project management, town planning or architectural services through your own practice or by using alliance partners.
4. Increase the perceived value of your services
The easiest way to boost revenues is to increase fees. While such increases can often be justified based on the cost of living or the cost of people – the most satisfying way of increasing fee revenue is with a demonstrable rise in the value you offer. Perhaps it is through a greater use of technology that speeds up delivery and provides greater accuracy. The key is to accompany fee increases with positive benefits.
Making the sale
Most professionals with whom we deal register very few complaints from clients about the quality of their service or the fees they charge. However one of the most common and in most cases, negative selling techniques involves the discounting of fees. So let’s take a look at how we can improve our selling performance without throwing away the profit margin. Always remember that clients that don’t make a profit are simply not worth having.
Before the sale
If you are serious about selling then you need to set goals and action plans. If you attracted four new clients in 07 through luck – why not look at eight new clients based on actually trying to sell this year. Set revenue objectives from your existing and new business.
Next, you need to start thinking positively - use my ‘3 benefits technique’ for example.
Start by identifying 3 clear benefits that you can offer your potential new client (e.g. timely completion and certainty of decision making) and 3 benefits of your firm (e.g. 20 years of experience and the use of current technology). Also what related services can you provide which facilitates cross selling and up selling. With these develop a 1 page sales system that you can apply whether you are talking to the potential client or writing to them or using your website to communicate why your practice is the best for them.
During the Sale
People love to buy for their reasons and not be sold. So talk about what they want and show them how you can meet their needs.
Our job is to help them achieve their needs. That means we must:-
1. Listen to everything – empathise
2. To elicit information, ask: ‘So that I can help you the best, do you mind if I ask you a few questions?’
3. Give away ideas – (the law of reciprocity – give something for free and they will feel obliged to reciprocate by buying)
4. Follow-up and return phone calls promptly to keep the level of enthusiasm up to combat buyer’s remorse.
Buying is built on trust. Show that you are interested, demonstrate solutions to their problems, offer greater value and most of all deliver. Good clients are those that trust you. Work to develop that trust even before they become clients.
Learn from each and every sale opportunity
Whether you win or lose the sale - Invest a few minutes to debrief yourself on what worked and what didn’t. Revise your sales plan accordingly – always look to improve your technique based on experience. Keep up the selling side of your practice and soon selling will be a part of your comfort zone.
Your Steps to Go Forward
At the beginning we remembered Mr Barnum who suggested that you could always do well out of a ‘sucker’. In reality here was a man who worked hard to present a great product and then sold hard to make it a success. He often stepped out of his comfort zone to become a great impresario.
As professionals we need to keep developing our product and be a positive committed achiever by developing our selling skills. Incidentally there is a word for those who don’t quit …… successful.
As a professional business coach I am always looking to increase the efficiency and efficacy of my instruction manuals and ability to facilitate my client’s business development. As part of my own improvement I regularly attend conferences or seminars dealing with business development. One the key topics for many speakers relates to the negative effect of ‘comfort zones’.
I see this most often when I deal with professionals, who are highly competent accountants, solicitors, engineers, architects or surveyors, who, however are not prepared to face the many extra challenges that running a successful practice involves.
In my experience one of the most avoided challenges is that of selling. Yet selling is without a doubt a key requirement for growing your practice and even more importantly, good selling techniques can turbo-charge your revenues.
So if you want to see your practice improve in the critical area of revenue – you will have to step outside your professional comfort zone and start to sell. Like everything in life it will take practice but, it is well worth the time. For example here are four ways that you can increase your fee revenue. They each require you to sell. Succeed in just one of these ‘strategies for growth’ and you will be pleasantly surprised. Succeed in all four and you will be amazed at the dramatic growth they produce.
1. Make more sales
It sounds obvious - to increase revenue, simply make more sales and expand your client base. However do you have in place a plan for making more sales? Do you employ a range of techniques such methods for example including converting cold calls for survey proposals, generating referrals from your client base, developing related alliance partners, and more.
2. Sell more often
Some professionals make the mistake of thinking that once a client has been gained, the need for selling is over. The truth is that the selling has just begun. We need to keep selling our enthusiasm and professionalism to keep the business. However the most positive way to maintain a strong and growing client relationship is by finding more and more services we can offer. In short, we need to look for ways to increase the number of times to sell to them. A simple approach is through a structured client management system with regular personal contacts. Listen to their needs and also look to develop more services that can be presented to them.
3. Sell more services
In addition to increasing the number of transactions to our clients, you might also be able to sell additional services. If you have a surveying practice you might offer a one stop shop featuring engineering, project management, town planning or architectural services through your own practice or by using alliance partners.
4. Increase the perceived value of your services
The easiest way to boost revenues is to increase fees. While such increases can often be justified based on the cost of living or the cost of people – the most satisfying way of increasing fee revenue is with a demonstrable rise in the value you offer. Perhaps it is through a greater use of technology that speeds up delivery and provides greater accuracy. The key is to accompany fee increases with positive benefits.
Making the sale
Most professionals with whom we deal register very few complaints from clients about the quality of their service or the fees they charge. However one of the most common and in most cases, negative selling techniques involves the discounting of fees. So let’s take a look at how we can improve our selling performance without throwing away the profit margin. Always remember that clients that don’t make a profit are simply not worth having.
Before the sale
If you are serious about selling then you need to set goals and action plans. If you attracted four new clients in 07 through luck – why not look at eight new clients based on actually trying to sell this year. Set revenue objectives from your existing and new business.
Next, you need to start thinking positively - use my ‘3 benefits technique’ for example.
Start by identifying 3 clear benefits that you can offer your potential new client (e.g. timely completion and certainty of decision making) and 3 benefits of your firm (e.g. 20 years of experience and the use of current technology). Also what related services can you provide which facilitates cross selling and up selling. With these develop a 1 page sales system that you can apply whether you are talking to the potential client or writing to them or using your website to communicate why your practice is the best for them.
During the Sale
People love to buy for their reasons and not be sold. So talk about what they want and show them how you can meet their needs.
Our job is to help them achieve their needs. That means we must:-
1. Listen to everything – empathise
2. To elicit information, ask: ‘So that I can help you the best, do you mind if I ask you a few questions?’
3. Give away ideas – (the law of reciprocity – give something for free and they will feel obliged to reciprocate by buying)
4. Follow-up and return phone calls promptly to keep the level of enthusiasm up to combat buyer’s remorse.
Buying is built on trust. Show that you are interested, demonstrate solutions to their problems, offer greater value and most of all deliver. Good clients are those that trust you. Work to develop that trust even before they become clients.
Learn from each and every sale opportunity
Whether you win or lose the sale - Invest a few minutes to debrief yourself on what worked and what didn’t. Revise your sales plan accordingly – always look to improve your technique based on experience. Keep up the selling side of your practice and soon selling will be a part of your comfort zone.
Your Steps to Go Forward
At the beginning we remembered Mr Barnum who suggested that you could always do well out of a ‘sucker’. In reality here was a man who worked hard to present a great product and then sold hard to make it a success. He often stepped out of his comfort zone to become a great impresario.
As professionals we need to keep developing our product and be a positive committed achiever by developing our selling skills. Incidentally there is a word for those who don’t quit …… successful.
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