Fire and Launch

I came up with a new term for business owners who I feel nail it when it comes to growing their business, expanding their sphere of influence, and building important business relationships: Pack Leaders.

Pack Leaders are energetic people who know how to give back. They appear tireless as they entertain and support their clients while remaining true to their purpose, which is helping other business people because they know that it will help grow their business. Again and again, I have seen them consult with others, asking others their opinions, and they genuinely value the input they receive.

I have found them to be positive taskmasters who are focused on success, but interestingly, not at the expense of others. I’ve talked about this before, about people who feel the need for someone else to fail in order to succeed, which is the exact opposite of how Pack Leaders operate.

Just the contrary, Pack Leaders support businesses they value, and often support businesses that are smaller than their own, all the while making their own business more successful! Whether meeting one-on-one with a colleague or in a group setting, Pack Leaders will zero in on the person they’re talking to, never leaving one conversation for a perceived better one or cooler person to talk with.

So how do you become a Pack Leader? Good question. I have found these business owners are not jaded or bitter, but always positive and hopeful. They are never short or rude in an email, phone conversation, or in person. They have the knack for respecting colleagues, and earning, not demanding, respect in return. They give positive but honest feedback, always being concerned and objective, never blunt and offensive.

I feel that they are able to accomplish these goals because they take valuable time—vacations—for themselves, knowing how and when to “drop out” for a while to re-charge their batteries, all the while making others aware of their absence, and in anticipation for their return.

Lastly, they know how to think unemotionally, and keep an orderly business life. They appear to exert extraordinary efforts to support their communities, the arts, and marathons, both participating, and volunteering. They appear on camera, in print, and in social media, and know how to tell their story.

But most important, although they have an aggressive “new business” policy, and work with people who can implement these policies, they are kind, considerate, and exhibit perfect manners. They seem to enjoy their work, and it appears effortless, although in reality it is not.

Are you a Pack Leader?

Once upon a time, a colleague of mine used to say, “Never make sales calls on Mondays and Fridays.” He felt that those were poor days to make sales pitches or to try setting up new-business meetings. Perhaps he thought people were too busy on Mondays trying recover from the weekend and desperately trying to get a handle on what needs to be done to make the week productive. On Fridays I suspect he thought everyone was trying to warp up the week, and making plans to sneak out early. I’m not sure, but maybe he had a point; he had a very high success rate of closing business for his firm.

If anyone has any insights on his theory, I would love to hear from you. I’ll post your comments. As for me, I do like to schedule new-business meetings in the morning for a number of reasons. The most important reason is the same reason road warriors will schedule flights early in the day: there’s less chance of missing their connections, or to arrive late at their destination and miss an important meeting.

Because it’s time-consuming to schedule a meeting with a decision-maker, you don’t want an emergency to come between you and your prospect, which is why I feel meetings first thing in the morning are good. Let’s face it, your prospect has just arrived at work and it’s before he or she has encountered problems that might shorten your meeting and be a distraction. More important, you haven’t been hit with a client problem to deal with, which might run you late for your meeting, which is to close the sale and land a new client.   

Now you know that I like morning new-business meetings better than afternoon new-business meetings, but on that same note, I’m not a big fan of breakfast meetings. I suspect I might be out of step with everyone else with that opinion. For me, breakfast meetings are dated, a throwback to the 1980s red power ties, and the intense attitude of trying to get a leg up on the competition (often, the co-worker sitting in the next office) that people had during the Gordon Gecko years. Again, I would be interested in hearing to hear what Fire and Launch readers think about breakfast meetings.

But getting back to your prospect agreeing to do business with you: I think a.m. meetings are best; the stress of the day hasn’t kicked in, everyone is ready to discuss business, and you have the rest of the day to line up your next new client meeting.

Columbus Business First has printed my first column in a series of  small-business topics in its Entrepreneur section. Although you must be a subscriber to Business First to read the column in its entirety, here is the link for the first few paragraphs:  http://t.co/BhFpO0H via @bizjournals

On that same subject of hiring subcontractors, here’s an interesting story about the importance of listening to what your prospect is saying to you during a sales call. 

At one time I was looking for an editor to work on a large project for a client. Actually, it was quite a bit of work because the the project would last more than six months, and I needed to find an independent contractor I could depend on for the duration of the project; the writing and editing style needed to stay consistent throughout each stage.

When I met with the independent writer and editor–she came highly recommended–I explained what I needed, how the project would shake out, and the different points during the project when the client would direct us to move forward and begin writing the next section. Carefully, I explained the process, and how I was having my firm approach the project.     

And then she did something surprising. She began to tell me how she worked, and how I would need to change my processes and procedures to fit her work style. I was flabbergasted.

I had just spent valuable time (hers and mine) explaining that I had a problem that needed to be solved, or, put another way, how much pain I was in and what I needed from a subcontractor to relieve my pain. I had contacted her to schedule the meeting; she hadn’t had to go looking for a project to pitch. My project was hers to lose, and she did it splendidly. 

As a business owner, you are in business to help your clients or customers to either work easier, work faster, or to make more money. Really, you are in business to solve someone’s problem, not to make someone work harder or accommodate your working style.  Sadly, that independent subcontractor didn’t understand that she was in business to make my job easier, and the meeting ended without her adding a new client to her roster.

Since it’s the beginning of the New Year I thought it would be a good idea to order business cards. It looked as if I was running low and it had been a while since I had ordered them. And then I realized: it had been a while since I had ordered them! In fact, I’m not sure when I ordered them last!

That’s a problem. Business cards don’t do you any good if they’re in your desk drawer, briefcase, or pocket. They’re meant to be given out, and given out to anyone you think can possibly give you business now or in the future.

A business owner once told me that he wanted to give his business cards only  to people he thought were qualified buyers of his services because he wanted to save money on reordering cards before he really had to. That’s a little wacky because the more cards you have in circulation, the better.

Business cards might be the oldest form of social media because you’re letting people—business prospects—reach out to you when they want to. And let’s face it: it’s always easier to close business with decision-makers when they want your services, and they call you first.

Once I was in a meeting with a Web designer with whom I shared a client—my firm was writing the copy for the site, and he was designing and programming the site. On the day of the big presentation with our client contact, her entire staff, her co-manager, and her two bosses, my colleague came to the meeting with just two cards. Not only hadn’t he asked how many people would be in the meeting so he would have enough business cards, but he didn’t have a backup supply in his folder. It was an awkward moment for him, and worst of all, he embarrassed his client (our client!) because he looked unprepared for the meeting and completely unprofessional.

A rule of thumb for real estate agents is to give out 10 cards a day, or 200 cards a month, which I admit can be difficult to accomplish. When I hand out cards, I always give at least two cards to each person I meet. Actually, handing out three would be better: one for the person you just met, one for the person’s administrative assistant to use to record your contact information, and one or two extra cards for your new colleague to give to people who could use your services.

So get rid of your business cards. Hand them out. You never know who someone knows, or what duties your new acquaintance is responsible for managing. The person you’re sitting next to at next week’s luncheon might want what you do, and is in the process of looking for an organization just like yours.

Last week I told how to identify an industry that you would be comfortable working in. Here’s how to build a reputation as the “go-to” consultant and professional service firm to solve industry-specific problems.        

Creating workshops and getting published.

Once you have identified a few primary problems and concerns of your targeted industry and how you can address them, begin to develop ideas for 30-, 60-, and 90-minute presentations or workshops for association luncheons, meetings, trade shows, and conferences. You’ll need to provide a written description of your presentation, along with key learning objectives, if the participants will be meeting continuing education requirements with attendance. You’ll need to work ahead because oftentimes associations will have formal calls for presenters six to eight months before their state-wide or regional conferences.

And just don’t depend on PowerPoint presentations for your visuals. You’ll also want to use handouts that have your name, e-mail address, and phone number so that even months down the road participants will remember and contact you when they have a need for your services.

Approach the association’s executive director or continuing education director. Let them know that you are available to make presentations at association functions, giving them an overview of topics you can cover. You might even suggest particular events that would be appropriate. These might be unpaid gigs, but don’t worry. You can expect to eventually gain clientele for your efforts.

Getting published, getting read

Once you have made some presentations, offer to write an opinion column for the association’s newsletter. An article distributed to all association members provides the opportunity to reach those who may not have attended the events where you’ve presented. Make writing a column easy on yourself by using the same concepts and materials you’ve already used in your presentations.

Once these columns are published or posted on an online newsletter, you will want to distribute reprints of them in a direct mail marketing campaign targeting those movers and shakers you learned about during your research of the industry. Don’t forget to mention any upcoming events you’ll be attending, because you may be able to set up an informal meeting there with possible clients.

If you are writing for an online newsletter, use your Facebook page to link to the association’s Website for your fans to read. If you haven’t done it by this point, start following the industry leaders on Twitter, and give your followers the link to your article to read.    

Increasing your client base

Once you’ve landed a client or two and have a successful track record with them, ask if there are vendors, manufacturers, retailers, or anyone else who is not a direct competitor in the industry that could benefit from your services. You might be surprised how easy it is to get those contacts, once you’ve built trust with your clients.

I received an email from a “Fire and Launch” reader about last week’s posting about being adopted by an industry, and asked if I could expand on the post, which I’m glad to do. What I have found is that although most small-business owners who run professional-service firms understand the value of networking, few have discovered the benefits of being “adopted” by a particular industry.

As I wrote last week, when you become an expert in providing services to a vertical market, you can easily build on your successes. Your good reputation is more likely to be spread among businesses within one industry than among the business community at large, and, as you gain increasing knowledge of the industry, the quality of your work will improve, leading to launching your business to greater success.

Here are a few steps to take.

Decide which industry will be the best fit for you and your firm. With my firm, working within the food industry and professional-service firms happened organically, but sometimes your best bet is to capitalize on work you’ve already done. Ask yourself which of your clients, projects, or accounts have led to the most satisfying working relationships and results.  Have you had most success with manufacturers, wholesalers, retailers, or professional-service firms? Have you gained any insider information worth expanding upon?

Your next step is to identify the relevant trade organizations or associations for the industry. I don’t recommend joining right away; what you’re really after is the type of information you can usually find on the organization’s website. Find out who the executive director is, as well as who the members of the board of directors are. These people are usually the “who’s who” of not only that association, but of the industry you want to become adopted by, as well as names to look for when doing further research.

As you move along with your industry-specific research, identify and read one or two of the industry’s trade publications. Go back at least six months so that you can target other movers and shakers in the industry. Learn as much as you can about the industry’s primary problems and concerns—the hot-button issues—and think about how you might be able to address them with your services.

In my next post, I’ll discuss how to build relationships with the association by developing presentations and workshops, and how to get published in industry-specific publications.

“I think I made a mistake,” said a friend and colleague the day after he told a prospective client that he had presented his best price, and there was no room for additional discounts. You see, the organization had a highly recognized name, and believed the prestige of having them as a client earned them a discount. “You’ll get additional clients having us as your client. That’s worth something,” they said.      

When my friend said no, he was told by his prospect to reconsider, and to call when he had a new, lower price.  Nope, you handled it correctly, I replied. Don’t begin a five-year program with a new client—no matter who it is—feeling as if you were intimidated into reducing your fees.

As the weeks crept by, my friend doubted that he did the right thing. After all, didn’t he basically turn down work? But almost a month later, an interesting thing happened: His phone rang, and it was his prospective client on the line to apologize for throwing his weight around, and instructed my friend to launch the project.

This story is about establishing a value relationship for your services and products, which my colleague clearly understood. In a value relationship,  potential clients need to grasp that they will not get what they want for cheap prices. If you don’t know the value of your products or services, you’ll let prospective clients whittle away at your prices.  

Hold your line when setting prices for your services. You can reduce services in order to reduce fees, but reducing your margins is deadly because you’re taking less to the bottom line—endangering your success. Even worse, you’re setting a new benchmark for what you will charge for your products, and that information will spread through your industry like a hot knife slicing through warm butter.    

So, what do you do when you come across a prospective client who questions your pricing? Again, it’s about establishing a value for your work. If they require a discount, ask, “What’s causes you to believe that my prices are not of market value?” Don’t say, “too high;” just say “not of market value.”

Once your prospect justifies why you should discount your prices, you’ll know where you stand, and whether your prospective new client understands value relationships.

I was pumped. In fact, it was one of those moments in life where you really can’t believe where you are. There I was, on a plane one morning being flown by a prospective client to a new-business meeting. In my briefcase was a letter of engagement—which was sure to be signed that day—to launch a national media relations campaign for a mammoth distribution and office center. 

It had to be a sure thing, right? I mean, who flies you hundreds of miles—on their dime—to a meeting with people you never met, to present a proposal for something they want and need, if they aren’t serious?  The marketing director had given me a huge number of buying signals. She told me what she needed accomplished, and budget numbers were given to me to create a realistic proposal. A campaign start date was discussed.   

But when I boarded the return flight home late that afternoon, the letter of engagement was unsigned, and this huge distribution center would not become a client.

Here’s what happened: The marketing director didn’t educate her boss, the president of the distribution complex, on why they needed a public relations campaign, and I didn’t do my homework to identify who else would be in the meeting, or ask who else would be part of the decision-making process.

In this case, the marketing director had assumed her boss understood what he was being asked to buy, and how a public relations campaign worked. But he didn’t. He wasn’t going to say no outright, but he found reasons to shoot holes in my proposal, and made it look as if his marketing director wasn’t doing her job effectively.     

A trusted colleague once said that if the president doesn’t say yes, you won’t get the business. How true. In this economy, you have to make sure that all the decision-makers are involved upfront in the buying process, especially if you are selling intangibles, such as professional services. In your earliest meeting, without insulting your prospective client, say something along the lines of, “Who else besides you will have input, be involved with, or be part of this decision?”

At this important point of your sales call, you have an idea which company leader—the president, a vice president, or COO, for example—will need to approve your proposal. “In that case, we probably need to be sure those people are up to speed on what you want to accomplish so there are no last-minute glitches,” is a sample line to use to make sure no one is kept in the dark about your proposal, and for the reason of your existence.  

I didn’t ask this question, and found myself sitting around a conference table with the organization’s leader, who didn’t know what my firm does, how we do it, and how we charge for our services. Always avoid situations where you present your final proposal to decision-makers you have never met. For me, and that poor marketing director, it was a very long day indeed.