Business Owner Newsletter - 2013 Archive - Page 3

There are critics who say that the world and the world of business have changed to the point that the E-Myth Revisited, by Michael E. Gerber, is no longer relevant. Often times, anti E-Myth arguments center on the idea that systems make for a formal and rigid work environment, thus creating an almost robotic culture that crushes any sign of creativity and innovation.

It's easy to ignore the critics. The E-Myth Revisited is a New York Times Best Seller and has been used successfully in over 50,000 businesses worldwide. We know that it works. We see the successes every day, but it's worth asking, "Has the world and business changed since the writing of the E-Myth Revisited?

Absolutely!   Social Media wasn't a hot topic when Gerber penned the E-Myth. Employers were talking about how to manage the baby boomer generation and prepare for the generation X. In today's world, social media is a topic of interest with other "traditional" media and employers are talking about how to handle the retirement of the baby boomers and prepare for the millennium generation.

... We saw this sign while driving and just had to send a kudos to this business for working a pun and the start of asking for referrals into their name!  It's very catchy and sure to be remembered.

This month we have focused on developing a referral strategy by zeroing in on the art of proactively asking for a referral. Asking for referrals is known, as it should be, as a required element of a successful business. Yet, what we see time and time again is that most businesses do not have a proactive referral strategy in place. Referrals may come to them, but they've yet to develop the combination of habit and experience that is needed to have a true referral strategy in place. The result of not having a referral strategy in place? A loss of opportunity and at what cost?!

 

Take a moment and imagine if your business could double the number of referrals that come through your doors. How would your closing ratio be impacted? How much would your revenue increase? How would your sales process be impacted?

Referral gathering is as easy as asking for them. Here is a strategy that will help your business to "ask for" and then "gather" referrals.   Do you currently use an agenda when meeting with your clients or potential clients? If not, start by considering using the one that will...

A sample agenda designed to help business owners ask for referrals.

Last week we focused on creating a referral strategy and discussed the importance of proactively asking for referrals. Another important element of creating a referral strategy is making sure your business creates a quality experience that your customers are excited for their family and friends to experience.  This week we challenge you to think about these quotes and their corresponding questions that focus on both elements of a successful referral strategy: the habit of asking and creating the experience.

 

"Hey Tim, have you tried the hardware store over on 6^th? They were super friendly and had everything I needed to finish the deck." Does that statement sound vaguely familiar? Of course it does! Without even thinking about it, people refer acquaintances and friends to different places or services on a regular basis. Referrals are far and away the most missed opportunity for business owners. Referrals provide the most qualified leads at the lowest cost. Are you taking advantage of that? Is your business getting as many referrals as it should? When was the last time you or anyone in your business asked for a referral from a client? The truth is that most businesses, and their owners, do not ask for referrals because they are uncomfortable about asking and have no clear strategy for asking for referrals. Every business has the responsibility to create a strategy for referrals that is clear and intentional

In the past few weeks we've discussed the importance of leveraging professional relationships in your business. Today we are looking at the steps you can take to make sure you're leveraging your professional services to the max.

1. Keep the regular reviews with your agent.  Businesses are making changes daily and keeping up with those changes requires some effort.  Depending on the size and type of business, you may need to review with your agent quarterly, or even more often.  Your agent wants is done correctly and at the lowest cost as you do.


2. Your agent is the only advocate you have with the insurance carrier.  Disclose everything to them.  They can't help you or educate you if they don't know what exposures you have.  It is better to know up front what pitfalls there are than to find out after a claim happens.

1. A good Relationship (Personal) Banker will want to be very involved with your business, keeping up with the daily happenings of the business, and working to be an advisor for the business owner.

2.  The good Relationship Banker will aid the business owner through all stages of business: Growth, Sustainability, Succession Planning, and Exit Planning.