Maximize Your Resources – Part 3

Posted by jeffheggie
In our recent post, “Maximize Your Resources – Part 2,” we talked about three more ways you can work on maximizing your current resources. They included:
  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out
Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:
  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors – maintain a competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.
You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
  • Marketing
  • Sales Copy
  • Customer Service
  • Sales Letters
  • Sales Presentations
  • Employee-Customer Interaction
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.
This wraps up our series on how to maximize your current resources. If you need help working through any of these or the previous areas, try our GUIDED TOUR to learn about our amazing online coaching options. You can also explore our other options at www.JeffHeggie.com, which includes our On Demand Business & Marketing Online Classes, our E-Learning Marketing System, our Inner Circle Mastermind, One-on-One Coaching and more.
Today you can also get my popular Momentum Training Series for FREE! Click HERE to check it out.

Killer Mistakes – Part 3

Posted by jeffheggie

In two recent posts I covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.

Even when business is good there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales (such as many businesses today with the impact of the Corona Virus) or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

 

You also need to make sure your cash flow is protected. You can do this by:

 

  • Always know which accounts need paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own inventor network.

 

These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.

If you need help with any step of the process of catching your fish or subsequent big fish clients, try our GUIDED TOURfor access to a wealth of great tools and resources as well as our business coaching staff.

Join our Inner Circle Mastermind to join our weekly call with success-focused people looking to help one another fund success.

Killer Mistakes – Part 2

Posted by jeffheggie

In Part 1, we covered the first two of the 5 biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.

When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and highly quality products/services, they don’t know or care about your behind the scenes operations to get those things done.

Look for these signs that you are taking on more than you can handle:

 

  • Clients’ needs aren’t being met.
  • Employee morale is low, clients are upset and you’re in a panic.
  • You have to react in emergency mode to save accounts.
  • Your current clients are suffering from trying to keep up with new business.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.

 

There’s a trick called the Mock Fish Plan. This plan can help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill the promises you made to your clients.

 

There are six steps to this plan:

  1. Bring in your best team and have them all help to meet the fish needs.
  2. Review your operational system.
  3. Anticipate future problems better.
  4. Communicate better.
  5. Include costs in your quotes.
  6. Always have a back-up plan.

All Your Eggs in One Basket

You can allow your company to become dependent on any one fish. Eventually or for certain periods there is going to be a slowing down period with your fish. In order to stay in the game you need to diversify.

If you’ve ever mishandled a fish, you could drive away potential fish as well. In order to keep balance and prepare for a strong future, there are a few things you can do.

These things include:

 

  • Stay in the loop and try to know what’s going on inside your fish company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

 

You also need to work to reduce your dependency on your fish. This can generally be measured in sales or profits. Take a look back at the process we’ve used thus far to snag more fish to keep this all-in balance.

These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our GUIDED TOUR to get the help you need fast.

Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.

 

On a separate note, I was just at the grocery store and felt like I was in a scene from I am Legend. With everything that is going on in the world right now with the Corona Virus (COVID-19), there’s a lot of panic going on. As a business owner, what are you doing? Are you looking to grow your business or are you just living in fear? Every Wednesday at 5PM MST we have our Inner Circle Mastermind. This is a group of success-focused, big-thinking entrepreneurs that are helping each other take their businesses to the next level. For the next while, our focus is going to be on helping one another grow their businesses during this time of uncertainty. If you would like to join this amazing group, or just learn more, CLICK HERE!

Killer Mistakes – Part 1

Posted by jeffheggie

There are 5 big mistakes you can do that will kill a deal with a big fish. They are:

  1. Not meeting the client’s expectations
  2. Mishandling a client crisis
  3. Taking on more than you can handle
  4. Putting all your eggs in one basket
  5. Up cash creek without a paddle

Any one or combination of these can not only kill the partnership, but have the ability to take down your company as well. We’re going to take a bit of time to talk about each one of these, in this lesson we’ll cover the first two.

Not Meeting Client’s Expectations

It’s essential you give your client’s exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong.

A couple of things could have contributed to this problem:

  1. Bad salesmanship. This could mean the salesperson was trying too hard to seal the deal and didn’t listen to the client’s needs.
  2. Lack of communication. This breakdown occurs between the salesperson and your operations department.

In order to avoid these mistakes, you need to put a clear plan of action into place that all of your sales staff needs to follow:

  • Think before you speak.
  • Give yourself a break.
  • Perfect your process.
  • Pre-format over-deliverables.
  • Stay hands-on throughout the entire process.
  • Define success.

 

Mishandling a Client Crisis

Crisis’ will happen, but how you respond and fix them will define your company and interaction with your clients’. You need to respond quickly and effectively. This will help you gain even more trust and confidence from your client.

Some simple tips can help you deal with any client crisis:

  • Take responsibility and apologize no matter who is at fault.
  • Act swiftly and effectively.
  • Step in and take control of the situation.
  • Never point fingers or place blame.
  • Stay in constant communication with your client.
  • Stay calm throughout the situation.
  • Keep your eye on the ball.

 

Now, that you know the top two mistakes you can make to kill a big fish deal, you’ll know better how to avoid making these mistakes in the first place and know how to put a plan of action into place in case of a crisis.

If you need help with any of this, try our GUIDED TOUR to get all the help you could ever need.

Next time we’ll talk about the 3rd and 4th killer mistake you can make in working with big fish clients.

Keep Up The Momentum

Posted by jeffheggie

In a recent post, we talked about negotiating with your big fish and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your fish has and how to utilize that for your benefit.

One of the most important aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:

  • Share the limelight.
  • Help them thank their company with new products and services.
  • Emotionally connect them to your company.
  • Know when to leave them alone.
  • Keep your “family” happy.
  • Stay on the front lines.

 

Now that you have some ideas on how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:

  1. Power
  2. Information
  3. Better work experience

These are all great ways to feed your alliance. You need to go into a relationship considering the things a big fish can offer you besides money. These can include:

  • The opportunity for your business to expand
  • The opportunity to learn from the experience and find ways to grow
  • The opportunity to improve your processes, systems and other means of doing business

 

These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.

If you need help with any of these tactics, try our GUIDED TOUR for great tools and resources that can help you every step of the way.