Boosting Performance at no cost

What is the best investment you have made in your business over the years?  You might immediately think of a financial deal or some technical tool.  Few would say, “The best investment I ever made when was when I hired and developed a certain person.”  If you are in a service business or any business, your best asset for real may be your best hire, the people you mentored, coached and trained.  These are people who can do what you can do, are as concerned about the business as you are, and compliment your strengths.

 

Just last week I was talking to a businessman who was analyzing a deal as if the spreadsheet was going to serve customers, provide vision and adaptability to market changes.  No spreadsheet can bring out the best talents of others.  All those people who are the biggest part of your overhead. I told him deal is good or bad depending on whether you have the horses to make it work for you.

In many of my business dealings I have learned that bringing out the best in others, developing those horses, is not thought through enough by financial or technically savvy owners and executives.  They seem more comfortable with numbers and technology than with ‘building people’.  It is amazing how many think they are experts at it.  They give quick opinions on how people/employees operate yet spend little time mentoring and coaching people, other than in meetings in the middle of a business day.

Coaching is about helping employees see what is required from them to help the business  grow.  Coaching shows people how to increase their own performance.  It is getting the coachee to accept responsibility for the goals, the decisions made, and ultimately, to guide them through actions that produce desired results.  Coaching builds confidence which allows people to develop a successful habit.

Many years ago when I was tennis obsessed, I studied “The Inner Game of Tennis”, Tim Gollways methods for improving performance.  His theory was that to achieve winning success in competitions each athlete must first get rid of the opponent within.   It was amazing to see the difference in my game when I stopped worrying about how I looked (my ego) and controlled my emotions and fear of failure and just watched the ball, the spin, the angles, the speed, etc.

I realized when taking Gollway’s coaching that I often prevented myself from being the tennis player I wanted to become.   An effective coach helps you see and realize that some of it is an inner game.  They keep you seeing reality and help you respond appropriately.  We hear from many athletes that it is 80% mental (Jack Nicklaus) and often don’t know what they mean by that.  They are not saying it is just positive thinking. 

If we want to bring out the best in our most important assets, our best investments, we need to learn how to be an effective coach.

1.            Remind yourself of the expectations and possibilities you have for your people.  Express it – tell them.  (Our experience tells us than when you lose your expectations of people, you lose your commitment to coach)

2.            Ask people open-ended questions about  a) what is needed for the business b)how they see their role in it  c) what is their vision of how they will succeed.

3.            In day to day coaching conversations around tasks, ask what and how they are going to do things.  Help them think through their decisions.  Ask more pertinent questions, for example “how do you see that action is impacting your customers?” (coaching is not telling people what to do)

4.            Listen intently.  Keep your opinions out of your listening and don’t put in what isn’t there.  To be an effective coach, continually rid yourself of your inner opponent.  Get yourself out of the way, your ego, your emotions, your opinions, your fears.  Listening is where it all shows up.  All your knowledge, opinions and savvy may have helped you become successful but it won’t necessarily help when coaching others. 

5.            Give feedback.  This could be about asking targeted questions that encourage employees to be aware of what is really happening and take ownership of the required action OR to give appreciation and allow employee’s to feel good about what they have done.   Avoid giving blunt, personal comments that steal away a person’s respect.  As Dale Carnegie said “Instead, genuinely praise every improvement and any improvement.”  Notice the word ‘genuinely’-flattery is demeaning, even destructive.

While employees want to succeed in life, most of their motivations are simple.  They want to provide their basic needs by having a job.  Most of the work they do does not create a lot of self belief and confidence.  Young people today want valuable work, more purpose.  They want a voice.  Coaching is your tool to give people reward from their work.  It definitely brings out their best and creates productivity and success for everyone.

     This Week's Actions

What will you do this week to begin to build people through effective coaching?  Here is a summary:

1.            Look at your expectations of them.

2.            Tell them.

3.            Ask questions instead of giving orders, help them with their
   choices and decisions.

4.            Get yourself out of your listening.  Really hear them

5.            Give feedback that builds awareness and responsibility. 
   Give genuine praise.

Have a great week   …. ‘coach’.

Don't Just Manage Your Customers....Engage Them

Monday March 21 2011

What is your company's business strategy?   How you plan to create wealth and deliver on your promises with an offering that turns on your market. Not only could very few employees tell you what the offering or business strategy is for their company, too few business executives can either.  But once you think through what is going on in the market, what you want to do to turn on the market and, at the very least, adequately match  why customers will give you the money you want, then you need to make sure all your sales, operations systems, and marketing systems are connected to the strategy and are working. It is our experience that a lot of systems are only supporting what they were originally set up for.  And, like any system they feed off the protocols, rules, policies, methods of the day.  The intent hasn't be updated or thought through and not many realize it.  All those involved are well-meaning but the system controls the people, not the other way around.  As a result, even when the strategic intent and/or plan is implemented, the present systems will reject them like the human body can reject transplants.  It is often subtle and what is worse, it is often a mindless game of everyone trying to protect and defend old systems, and, without knowing it, are competing with the business strategy. Companies wind up with silos and everyone competing for resources, power and recognition and the company inadvertently is not designed to succeed in the present market.  The offering becomes tired.  Revenues are flat.  Margins suffer.  Tinkering with improvements in the systems won't change the business much and customers are the ones who don't get the benefit of the good thinking and planning.  Execution is weak. For example, you can buy and implement any CRM but if it doesn't support your marketing process (finding and keeping customers), your sales process, and your business strategy... what good is it?   Marketing and sales must be organized to support your business strategy and the CRM is just a tool to help.   Unfortunately, very few CRM's are used this way.  They tend to be sales manager's measurement tools or data management tools and, although important, may not help you take your business where you really want it to go. When you add Facebook, LinkedIn and other networking/customer engagement tools like so many companies do, it is important for these tools to be integrated into current processes (not replace them) supporting the systems that make your business strategy work. If you do not do this they will become a system with a life of it's own that does not contribute much to growing the business. That is why Kevin Robert, my son, as one of the leaders in our business, is presenting an exclusive event sponsored by Microsoft.  We have partnered with Microsoft to create a full solution for years.  Microsoft is bringing together speakers to show you how they integrated their systems to support engaging more customers.  They will show how CRM is quickly evolving from simple customer management to collaboration and customer engagement and how customers expect more control over their interactions with companies, fueling what we now call social CRM. Is your business ready to make the most of your business strategy, especially how to engage customers?  Are you connected to how to do this so you are more important to your business and career possibilities? Because you are a Monday Morning Mentor reader, you can join Kevin at the "Power of Productivity" exclusive event for Microsoft Dynamics - CRM 2011 where you will learn to be responsive, transparent, and personal in your dealing with customers to support your business strategy. Reserve your spot here. Tuesday, March 29th, 2011 12:30 p.m. - 5:30 p.m. Get there early and you will get a free copy of "Engage" by Brian Solis.  You will hear the Managing Director of Facebook, LinkedIn and three authors/experts.   Moving on - Moving Up Have a great week!

Increasing Profits without increasing costs

Today’s business world demands that we reflect on answering tough questions about our business, implement the most practical answers through an engaged team, monitor and reward progress, and keep building a team to get us where we need to go. If I could pick one ‘area’ that we could all focus on that would almost guarantee a return of repeat sales and more profits, I would choose… ‘how do we add more value for our high value customers? It is important to constantly ask and answer the right questions and ensure our action steps are implemented.  Begin by reflecting on: 1.            Who are our best customers?  (define what is your ‘best’ – usually 20%) 2.            What does our business mean to them?  (How do we impact their lives?) 3.            What are they planning and how do we become part of their plans. 4.            What products, services and activities make us the most money 5.            What are the activities that are high-value, high return? 6.            What extra actions keep customers feeling special? The answers to one through five are focused on helping customers and you, get what you want and allow you to stay in a winning position in the game.  Number six can make you just a little better than your competition.  If you are saying you are not worried about competition, listen to Mark Twain when he said “Let us be thankful for the fools.  But not for them, the rest of us could not succeed.” Why is it important to add a little extra, personalized touch to every key customer interaction?  Any customer can go anywhere for a better price but can’t go just anywhere to be happy.  If you listen and watch, you will know what the little extras are and provide them.  If you keep asking and answering questions one through five forever, you will always be adapting and adjusting your value to customers.  Your value proposition and offering will stay linked to the quality of your delivery and how it matches your customers wants…. beyond the price you charge.  The quality of your reputation and how you keep your brand’s promises, not how you generate dollars and cents, will get you through the ups and downs.  It is important to think through every interaction with our best customers and figure out how to add that extra, personalized value. The opportunity is there for any organization or any person.  We have all the time required and the costs are minimal to connect with customers with sincere interest, or moments of added generosity.  It doesn’t always have to be a technological tool we use although connection is faster using some of these tools.  It could be as simple as tracking your customers buying routines using a CRM system, calling and reminding them of it and telling them that you have a special gift to move now.  This isn’t difficult, but above all, ask for the order. MMM Insight: Offer value by actually valuing your customers.  In small or medium sized companies, customers are not just numbers.  They are people and that is your advantage over big companies.   Today customers expect that you know as well as they do, their wants, and where they are going.   Here are some examples of the little memorable things that can make a business stand out: -Arriving at your favorite restaurant and by the time you sit down, your usual beverage of choice is waiting for you. -A brief hand written note from the CEO/Owner with every large order. -A genuine after the sale service call. -A genuine service call while the service or product is being delivered.  Ask them, “How would you like to be serviced?”  Find out what little things are important to them and if taken care of, could be memorable to them. -Our gardener/landscaping company in Mexico walks us around his work when he is finished, shows us how everything is the way we wanted it, it’s cleaned up, and then presents us with a small gift (usually a plant).  What thoughtfulness.  How simple.  What a good  business practice. All of us can figure out what will work, what won’t, and we don’t have to give away the value we charge for.  (numbers 1 – 5)  We can add that extra valued touch without adding excessive costs.  Never add costs to your customer without adding value.  If you treat customers in a special way, they won’t be so upset when you up your prices.  The extra value could justify the costs.  Remember the bigger the personal connection, the more they will remember you.  You will gain access to repeat business and bigger sales. ACTIONS: Make your own list of what extra value touches to give your clients that sincerely makes them feel special.  Implement them immediately.  Better yet, get a group together to create a list of your best customers.  Create standardized routine actions and/or go over each account and determine what they would value that is unique to them and implement your specific actions.  This meeting could be the most profitable use of your time this month.  Your brand loyalty, profits and sales depend on it. Have a great week!

Welcome to the connected economy

. . . where advantage is temporary and nothing is fixed in time or space.  Relationships rule! Here is how things are today: - Change is constant and quick.  Every aspect of business in a connected organization operates and changes in real time. - Imagination and knowledge are more valuable than physical capital. - Products and services are blended as ‘offerings’ and what’s important is making sure you can serve, immediately, be connected and deliver anywhere. - Adaptability is paramount as more companies build permeable networks of business relationships with suppliers, distributors, employees, and even competitors. - Everything is electronically connected to everything else.  Products, people, companies, countries……everything. You are ‘with it’ if you are an effective social networker. Today, dictators are being overthrown by Twitter, Facebook, YouTube, etc.  Propaganda hasn’t got a chance.  Relationships are built or destroyed in a flash.  Everyone wants a better career or better business.  Social networking can be a great tool.  Effectiveness means you block out 15 – 19 hours per week to stay on it.  That eliminates two thirds of those who begin and then drop it.  Like anything else, social networking won’t produce results unless you put in the time and stay committed. It isn’t just about technical tools.  It’s about core ‘Dale Carnegie’ principles says Corey Perlman, author, consultant, and leader of networking boot-camps.  For example: 1.    Becoming genuinely interested in others.  Giving recognition, assistance, time, and referrals to your network, leads to reciprocity.   You will gain lots of referrals from dedicated relationships with a diverse group of contacts. 2.        Don’t just use the technical tools, be a leader.  Be the one to connect others in meetings, shows, seminars.  Be the one who does the introductions, brings people together, and acts like the host.  Be the go to person and opportunities will come your way. 3.   Be a personality. Stand up, speak out, add enthusiasm and feeling in one-to-one conversations and in your public speeches.  People connect with you on a personal level because you are an expert and are engaging..  Write about your expertise and give it away to a target audience and your network. 4.   Be a value-adding friend, help others get what they want.  Find a core group of motivated supporters, people who can leverage their connections and create buzz for you and your business.  Ideally, they are your customers, suppliers and friends.  Again, focus on helping them get what they want.  (If you are thinking “Wait a minute, I want to get what I want”, then delete this e-mail now.  Networking won’t work for you.) The old Rolodex and address books still rules with corporate leaders, even though, today, it is done through technology.  You can be more influential by building your network through networking efforts. Other Actions: - Volunteer in a community activity.  Be more visible while doing personally rewarding, selfless work. - Send real cards such as thank you, good to meet you, thinking of an idea for you, birthday, etc.  (not just e-mails) - Maintain communications by bringing your network together for a lunch, dinner, drink, etc. -                     Get involved in a professional association, service clubs such as Rotary or Chamber. - Offer to host an event at your office, or dinner party, or ball game.  Bring your contacts together and pick up the tab. - Another Dale Carnegie principle…. Learn, again, to be a better conversationalist.  Listen more, ask pertinent questions, don’t talk about yourself, get people on the right topic.  Being a self possessed bore doesn’t work except on TV or in the movies. -                     Occasionally, write a press release about newsworthy events or accomplishments.  Again, the best ones are about showing others recognition. - Create a book of testimonials.  Send them to someone who is asking about your business or services.  Remember to ask them for success stories, and use them in introductions or discussion-starters with first time clients. - Always write your own introduction to a speech.  Never let anyone wing it.  A bad or inaccurate first impression is difficult to overcome.  Effective introductions should humanize you, give you credibility, talk in terms of the listeners interests and get their attention as to why they should listen to you. - Once a year, find a way to garner feedback from customers and let those who participate know the results and tell them of any actions you are taking. - Ask for referrals.  Get good at asking in a natural, but not ‘cheesy’ way. - Start a Master Mind Group or join one. - Set up an advisory board and become available to other boards. What one action  will you take this week that will advance your connections within our connected economy.? Have a great week.