CEO | No Smoke and Mirrors

Entrepreneur Best Practices; #2 Dismiss or Distribute “Yafo’s” quickly …

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Entrepreneurs are an amazing breed. There is nothing like the thrill of launching a new product, service, and or business that perfectly solves a market need. Entrepreneurs are wired differently. It’s as if we have radar for problems and an inner passion to connect and solve them…we can’t turn it off. I share this in my recent pod cast on the struggling entrepreneur.(Episode 101A)

Market leading entrepreneurs understand how to harness and focus this gift, this blessing.

As the biblical prophet Jimmy Buffet says…” a blessing becomes a curse if you keep it to yourself”. So it literally drives us nuts to see problems and solutions so crystal clear that it interrupts our drives home at night, our work outs at the gym, and worst of all time with our loved ones. We just can’t seem to shake it.

However this blessing left unchecked can also become a curse with out a filter. Since entrepreneurs see market needs and create solutions, they often can not turn off the opportunity identification gene. At a recent Tie meeting the entrepreneur who had the vision and launched Kaboodle, said it best;

“One area entrepreneurs must learn to manage is YAFO’S”.

Yet

Another

Frickin (edited)

Opportunity

One way entrepreneurs can build that ever so needed filter is ;” Buy a Map” as I discussed in a previous post. When you create your road map, or your “flight plan” as I have always called it, it helps you identify opportunities that are along your flight plan and accelerate your sales velocity to your desired destination. Your flight plan also helps you see that the YAFO you have just identified is too far off the current flight plan (would delay your arrival at your goal location) and helps pull your focus back to the current opportunity.

So what do you do with YAFO’s?

learn to dismiss them…quickly
create a new company to serve the opportunity if its large enough
Distribute (sell) your idea to a current leader in that space and get back to your flight plan quickly.

As I said, entrepreneurs are wired, deep in our DNA, differently. We see problems and opportunities everywhere we go. We just can’t help it. For example my wife and I were out on date night and we went to see a great date night movie; The Ugly Truth. As we were driving home, and having many discussions about the movie, it hit me; someone ought to share the “Ugly Truths “about starting and owning your own business.

Far too often the people that come to me have been sold a false, get rich quick, a four hour work week , expectation. Some accomplish this but for most of the entrepreneurs I have worked with over the past 25 years it is hard work and long hours. So I wrote the eBook you can download on my blog; 50 Ugly Truths About Owning and Running Your Own Business, and why you should do it anyway. (I literally could not sleep until I set this idea free)

Market leading Entrepreneurs implement clear flight plans, and they quickly identify YAFO’s for what they are.

How about your organization…..

Do you need a filter? Are you chasing multiple opportunities and not getting anywhere fast?

Are your efforts building sales velocity? Or chasing YAFO’s that are taking you off course?

What do you do when you find a YAFO?

A blessing can become a curse if we keep it to ourselves. However we must develop a filter, a flight plan that helps us quickly dismiss or distribute opportunities that are not in alignment with our flight plan.

A lack of focus stalls or decimates sales velocity….if you let it.

Not dealing with YAFO’s correctly delays and often derails your flight plan to your goal.

Technorati Tags: YAFO,YAFO’s,entrepreneur,flight plan,road map,focus,grow profitably,sales velocity,sales growth,grow small company

Market leaders, Like Snipers, Understand the importance of …“Policing your Rounds”

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When I was a young man, I grew up in a family of hunters. My father, grandfather and so on all hunted. Very early on, though I liked shooting, I found I just wasn’t all that angry with those beautiful animals. So my father and I would go to opening day of deer season in Pennsylvania, usually the Monday following thanksgiving weekend and we go to our spot deep into the woods….and wait.

Sure enough the deer would come, and I would miss. In reality I enjoyed the time at the cabin with my dad and grandfather, my cousin, but I just did not want to kill the deer, so I would …miss. (Sorry Dad)

As I grew older I continued to enjoy shooting and thought about becoming a sniper for the military. No surprise though ;the guy who did not want to kill deer really did not want to kill anything. If called to serve I would do what was asked, but I did not volunteer to use my marksman skills. However I was very intrigued by the training and techniques of snipers.

Snipers, through hours, years, of practice hone their skills. They also become experts at camouflage and being able to sneak up on their target unnoticed. They spend a considerable amount of time in recon and observation prior to the day they execute their one strategic shot at just the opportune time.

Once the shot (usually one is all it takes) is fired, they know the importance of “policing their rounds”. In other words, they pick up the empty shells so others do not even know they were there, they leave no trace. There goal is to approach, patiently observe, execute their objective and leave unnoticed. In so doing they accomplish their objective and return safe for future missions.

As I sit here, at a Paradise Bakery over lunch hour writing,I am amazed how many business executives need to learn how to “police their rounds…”

In the booth behind me a young entrepreneur is sharing his vision for a new web based service he is presenting to what sounds like a would be venture capitalist or angel investor. Not only has he openly shared the problem he solves, who to sell it to, he even estimates being cash positive in eight months.

To my right is a very heated discussion about “Julie” and how; “she needs to go. She undermines my leadership in meetings and I need to get rid of her…” The three associates are having a blame storming session, here , in a public place?

In the past I have listened to preliminary business plans here, IPO discussions, job interviews, and performance reviews here or at Starbucks, as well as The Good Egg.

I want to share with everyone, there is no unwritten rule of ;

“what is said at Paradise Bakery, Starbucks, or The Good Egg stays there!”

You need to Police your rounds!

If you must have a discussion about a business plan, needed funding, or a difficult employee,… do so in private….you never know who may be listening.

How about you and your company executives…

Do you discuss your business, new products, and new service solutions at lunch or at the local watering hole? Golf course over lunch?

Would you say what you shared last week if you thought your competitor was in the booth next to you? No? Well not that you shared your entire business plan you may have just created one!

Would you have been so brutally honest venting your feelings about your Julie if you thought her mom or husband was in the booth next to you? Or future employees? Future customers?

I have shared this with some of my local business network buddies and I was told…just don’t listen. Just because I learn to tune out local discussions as I write my blog, does not mean everyone has.

As a leader in your organization you owe it to your organization, shareholders, and team to learn to “police your rounds.”

Technorati Tags: police your rounds,business discussions,sniper

2009 Health Care Reform Initiative Lesson #6: Without a Road Map Your “Administration” Will Attempt Too Much, Too Fast and Not Achieve Any of Your Goals

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It is an all too common problem;leaders trying to execute to many things and not doing any of them effectively and thus missing their goals. Our current 2009 Health Care Reform is providing another lesson for business leaders throughout the world;

“Buy a Map!”

It was the late 1990’s and my independent sales representative Randy and I were working downtown Philadelphia looking for a new video game distributor. As we drove in what felt like circles we were obviously lost and frustrated. We must have passed the same hot pretzel street vendor three times, so I asked Randy to pull over in the next gas station so I can ask directions. As we pulled into parking lot and parked, I got out to ask directions, (Randy quickly locked the doors.) I thought …after all I am in the “city of brotherly love”…surely someone will be happy to give me directions… As I walked up to the bullet proof window the clerk said: “What?” I explained I was looking for the following address and I will never forget what he said…

“Buy a Map!”

…little did I know then how profound that advice was when you feel lost.

A Road Map helps your organization (administration) understand where you are, where you want to be, and maps the 2-3 key initiatives (from an overview standpoint) you plan to execute. In addition to identifying 2-3 key initiatives versus 23 or more, it also shows where you do not plan to go. Will your road map change? Sure, you may encounter a roadblock in your marketplace and you will adjust your trip plan, however you will recalculate the course to get to your desired destination.

A Mistake businesses leaders make is trying to do too much, too fast, and not execute any of your initiatives and miss your goals. When this occurs, your market loses trust in you, and you lose their votes. ( orders)

The current administration in the white house came in after a poorly executed stimulus plan. The market was already Leary of Washington’s ability to execute.

The past launch failure caused a lack of credibility and trust in the market.

Very quickly they announced the following plans;

“American Recovery and Reinvestment Plan.”

Close Guantánamo

Education Stimulus

Auto industry bail out

Tax Cuts

Increase Efforts in Afghanistan

Stop the Iraq war.

North Korea

New Energy

Plan for Immigration

Normalize relations with Cuba.

Auto higher mileage standards

Estate-Tax Plan

Confront Iran

Gun control

Climate plan

Plans for Israel

Is it any wonder the current administration will miss its budget projection by $2 TRILLION DOLLARS?

“Buy a Map!”

Again, this was not meant to me a political commentary but an example for us all to learn from. When you list all the initiatives your team is working on I think it would surprise most business leaders.

An exercise I often do with new clients is I meet with all middle and senior leaders and ask what they are working on. Very quickly I determine if I am helping a team that has a road map and is aligned.

When I polled CEO’s not long ago asking what concerns them the most;

Finding out six months into a launching a strategic plan that my team members are not executing to the plan.

The leading cause of teams taking on too much and team members acting on their own initiatives not in alignment with the overall corporate strategy is the lack of a road map. So…

“Buy a Map!”

Once you develop your map you must prioritize the initiatives that made the cut. You must assess what your team has the capability, financial resources and skill sets to execute. You will identify 2-3 key initiatives…not 23…54…or 76 .

Market leaders assess their capabilities and create a road map for their organization and share it with all team members.

Market losers lack self control and alignment that results in many initiatives and they fail to execute any of their objectives.

Market losers resort to name calling and blame-storming.

Less is more with a Market leading Road Map.

How about your …administration?

Have you added initiatives to your plan to hit your numbers or identified 2-3 you plan to do well?

Do you have a way to filter new opportunities?

What causes your team to be distracted from the road map?

Do you know your companies road map?

Do you and your leadership team need to …”Buy a Map!”?

Technorati Tags: road map,road mapping,marketing stroy,strategy,marketing,market leader,blame storm,name calling,health care reform lesson

Mentor Moment #12: Dance with the Date who Brought you to the Dance

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There are a number of ways to grow a business; sell current products to current customers, current product to new customers, new products to current customers and new products to new customers.

However far too often companies spend a disproportionate amount of time and energy is spent on new customers and not building relationships with current clients. You must insure you focus on serving current customers.

Current customers have given you their vote, their trust when they placed an order with you

. Market leaders understand the importance of including current client development programs in their growth objectives. Market losers forget who brought them to the dance, and give all their energy to chasing new dates …and often go home alone broke. Market losers are unaware of the interruptions for current clients and often turn customers into shoppers again.

How about your company….

Do you have current account growth plans in place?

Do you have a KPI for retaining and growing current customers?

Once you lose a current customer how hard and expensive is it to win their love again?

Technorati Tags: sales,sales growth,grow current customers

Are You a Sales “Stallion” or an “Order Taking Gelding” Headed For the Glue Factory?

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When I wrote my post: Are you enabling your Sales Force or emasculating them? I discussed comments made by salespeople selling in today’s economic climate. In addition I shared other leader’s comments about their view of salespeople and my preference to hire sales Stallions over order taking geldings.

I had a couple of salespeople contact me concerned if they were sales Stallions or order taking geldings. So I decided to share some of the questions I asked them on the telephone in hopes it helps others determine where they fall. But before you answer these questions please understand that teams require all types of people with varying degrees of gifts and experience. If you are an order taker, then be the best order taker with the greatest accuracy to detail in your company…just do not call yourself a salesman nor expect to be paid like a sales stallion.

1. In the last 6 months have you identified a change in your buyer’s buying process that requires a new sales tool?

2. In the last 6 months, have you challenged a corporate norm that is self serving to your organization and not customer serving?

3. Would you describe your role as “fighting for your clients?”

4. In the last 3 months have you experienced conflict with key influencers in other departments in your organization in your efforts to better serve your clients?

5. Has an account thanked you for your quick follow up in the last month?

6. In the last 30 days have you taken a bold action to serve your client without seeking your manager’s permission?

7. Are you in the top 10% of performance to goal in your sales team?

8. Are your accounts in the top 20% of most profitable accounts for your organization?

9. In the past week have you presented your management clients needs for approval?

10. In the last 24 hours have you asked for a clients oder?

If you said “No” 2-3 times be careful as you are on the verge of becoming an order taking gelding.

If you said “No” 4-6 times, don’t look now but you have become an order taking gelding. If that is who you want to be, then be the best you can.

If you said “No” to 7 or more of the above questions not only have you become a order taking gelding, but you are headed for the glue factory if you do not change quickly.

Sales Stallions spend 2/3 of their time listening and understanding the needs of their clients. Stallions understand the needs of their clients and solve those needs with the products and or services they represent. They become internal champions who fight for the needs of their clients. Sales Stallions consistently produce profitable sales revenue. Sales stallions are experts in their client’s buying process. Sales stallions are in the top 10% of sales to quota performance.

How about your company….

How well does your organization embrace client needs?

Does your company welcome your fighting for the needs of your clients? Or do your actions politically hurt you?

Have you been told to “sell through your client’s objections” when you share your clients’ needs?

Are your companies ‘policies and procedures written to better serve your clients, or your own organization?

If you have challenged one of those; “how we do things around here” rules how was it received?

The role of salespeople today is to help guide clients to a sale. Salespeople must become internal advocates for their clients and help their buyers buy, versus selling them. If you are a stallion in line to become a gelding to survive in your organization, you need to ask yourself if you will be happy making that compromise for a company that is disconnected to the needs of its market.

Technorati Tags: sales,buying process,sales process,sales stallion

It’s never too late to jump the fence before you get your… “Values”…. snipped.

Mentor Moment #10: “Nail it before you Scale it”

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Entrepreneurs must insure they totally “nail” their product or service thoroughly before they “scale” it.

Like a number of these Mentor Moment nuggets, I do not claim to have written them, but I do whole heartily believe in them. I did a Google search and found this Mentor Moment can be attributed to Warren Packard. He was recently interviewed by Fox Business newsat the CES show concerning what his firm is investing in today.

Market leading entrepreneurs understand how critical it is to totally “Nail” your solution to an unresolved market problem before you “Scale” it. Where market losers fail is only incrementally providing a new solution and not totally solving it leaving themselves vulnerable to competitors who do their homework and thoroughly understand the unresolved market problem and solve it brilliantly. I know the rush of excitement…your new thing will be big and you can’t wait to launch it. When you feel this way, force yourself to to see all the “no-see-ums“. You must make sure you totally nailed it. What are users saying about your new product? Have you learned something new after launch? All of these are considerations you must reconcile BEFORE you scale it, or you will be very unhappy with the results.

Market leaders gain market knowledge and completely solve unresolved market problems.

How about your company…

Your last launch…did you nail it before you scaled it?

What prevents your team from totally nailing it first?

Did you nail it before you scaled it…if so share your results.

Technorati Tags: scale business,product solution,market leadership

Mentor Moment #9: Insight without Action…a waste of time and money

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As a leader in your business are you constantly challenging what is believed to be the truth in hopes of identifying unmet market needs and roadblocks to servicing your market? Or, are you busy brainwashing your team with inside out beliefs that are only true in the recesses of your gut and intuition?

One of my favorite scenes from the movies came from A few good Men, the famous “you can’t handle the truth scene.” In this passionate exchange Jack Nicholson states “you can’t handle the truth!” This scene resonates with me as I have found myself in a position far too often when I have been asked to help take a company and its team to the next level. The first thing I must do is help the team gain truth and market loser teams wish to debate the findings.

My first step always is get in your market, deep in your market,with customers, and non customers alike.

I am often referred to as a Heretic as my loyalty is not to the understood norms created inside your building, but to gaining true market knowledge to drive decisions that increase shareholder value. we will be asking a lot of open ended questions with the focus on understanding the truth. I highly recommend every business leader make it a point to intimately understand the market of today as we redefine “normal”. Once we gain current market knowledge, we undertake what often takes the most energy;the Detox of the leadership team from truths created in boardrooms and often in the “gut” of their leader.

Leaders must know what they know, and know what they do not know. You have an obligation to those you serve to gain market knowledge to insure the strategies you implement add the maximum value.

So how about you and your company….

Do you have a clear understanding of the market truth(s) of today?

Are you assuming the truths developed inside your boardroom are true? Or are you a fellow heretic constantly checking in on the market you serve to gain an intimate knowledge of its unresolved problems?

As a leader, are you playing it safe agreeing with the market (Loser) assumptions? Or, are you gathering the truth and sharing it with your fellow leaders? (market leader)

And now the big question…can your team handle the truth?

If you can’t handle the truth don’t ask for my help, as it’s a waste of my time and your money.

Technorati Tags: market knowledge,truth,market leadership,market loser,redefine normal,inside out,strategy

Is your Email Marketing sending business to your Competitors?

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If you feel a poorly executed email marketing campaign is better than no email marketing at all; you are wrong!

Email marketing if properly executed helps buyers buy and can reinforce your message with prospective buyers for future purchases. If poorly executed you will also make an impression, a negative one that will not only last, but spread.

I can tell when the end of the month is approaching by the amount of email spam I receive. Below is an email I received today that illustrates a number of mistakes you must avoid in email marketing.

Dear Customer,

We are dominant player in the Business List Industry with over 40 Million B2B contacts and 200 Million B2C contacts. We have all varieties of business records that come with complete contact details including working business email addresses.

We can assist you in reaching out to your target audience in multiple ways. We can provide you with updated information such as contact name, email address, phone number, fax number, mailing address, job title, etc…

Job Title Scope: Reach top-level executives like CEOs, CFOs, CTOs, COOs, CIOs, Presidents, Chairman’s, GMs, Mid level Managers, Sales and Marketing Managers, HR, Managers, Finance Managers.

Our products and services are:
Email Appending, Email List Acquisition, Email Blast, Email Lead Generation, Data Appending etc.

If the in-house database that you has information that has gone bad or is incomplete, we can update it with the above mentioned fields. Let us know the criteria for your target audience and a sample file will be mailed. Can you give me some specifics regarding your target audience?

Example: In business, are you interested in only a certain type of business? Are the gross revenues of the company important? Do you prefer to target companies with a particular employee size? Do you need the contact name and title of someone at the business you wish to target? If consumers, do you want to target people with a certain income level, occupation, children at home, etc.

If you would prefer to advise me of your requirements via email, my email address is XXXXXX

Please let me know of a convenient time for a quick call, looking to talking to you soon.

Regards,

[I removed the name]

Business Development Manager

We respect your privacy. If you want to stop receiving emails from us, please send a reply with the email subject line as “Leave out”.

My thoughts;

· First, I am not your “customer”, I do not know you and to use a generic “Dear Customer” quite frankly is insulting. What it means is you have no clue who I am and you have already lost me. You do not know me, care about me or my needs.

· Next, as I read through your message you provide, sell; email contact information, and you go on to say you have a core competency in reaching top executives…Really? If your product is so good, why didn’t you use it when trying to engage with me?

· “Email Appending, Email List Acquisition, Email Blast, Email Lead Generation, Data Appending etc.” …OK you have explained “what” you do, but what problem do you solve for me? Oh I get it; I am supposed to figure that out on my own…

· “Are you interested in only a certain type of business? “ OK, yes, I am interested in certain types of businesses, again if you have a competency in this area why didn’t you demonstrate your knowledge in my type of business?

· “Are the gross revenues of the company important?” Are you kidding me? Now you are insulting me again. I also reflect; what if I asked the CEO of one of the companies I would like to help this question, it would be a disqualifier.

· You did provide your email that I X’d out in case the CEO of your company is reading this post, but you failed to provide your phone number?

· Good job you did do one thing right that I will use; “We respect your privacy. If you want to stop receiving emails from us, please send a reply with the email subject line as “Leave out”.´

· And to add insult to injury when I try to close this message I am prompted that you want to know if I read this? NO! Shame on you!

After receiving this message I will never buy from this company, never! Not only will I not buy, I am so shocked by this poorly executed message I will tell a number of those in my network this story and I am sure they too will not want to partner with you.

If you are using email marketing, learn from the mistakes in the above and;

· If you do not know a contact name, title, do not send

· “eat your own dog food”, in this example, if you sell contact names for email marketing you had best demonstrate a competency in the space you play

· Give me an opportunity to opt out

· Know something about your customer, their industry, and more importantly know your market and it’s most pervasive problems.

· Once you know those problems, share how your product or service solves them

· Don’t ask questions that insult my intelligence

· Provide your phone number, what if I did want to call you?

How about your company?

Are you participating in email marketing? If so share best practices.

Would you buy from this vendor?

Technorati Tags: email marketing,marketing,email,sales,business developemnt

Mentor Moment #6, Seek Significance Not Success

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Far too many leaders are chasing the brass ring of success and when they finally grasp it they realize how cold and shallow it truly is. The secret is to seek significance and success will come.

So what’s the difference?

Success

1.	the favorable or prosperous termination of attempts or endeavors.

2.	the attainment of wealth, position, honors, or the like.

3.	a successful performance or achievement: The play was an instant success.

4.	a person or thing that is successful: She was a great success on the talk show.

Significance

1.	importance; consequence: the significance of the new treaty.

2.	meaning; import: The familiar place had a new significance for her.

3.	the quality of being significant or having a meaning: to give significance to dull chores.

If you have read my blog, you know I go to the Bible when I am trying to understand something, in Samuel we learn;

“Do not turn aside for then you would rather go after empty things, which cannot profit or deliver, for they are nothing?

I have helped many “successful” people over the years but those who sought out to be significant were the happiest. Success, and more importantly your definition of success may be a lonely empty thing once you achieve it. When I was very young, success was tied to money in the bank. Work hard, make money. Work harder make more money. I share how I feel today, (now sneaking up on 50 years old) in my post: What Jimmy Buffet and Bruce Cockburn can teach Marketers about Nailing a Persona? I also discuss how young managers, some soon to be leaders get it wrong when they feel they have to be a Prick –ly person to get ahead in this world.

Chasing the wrong goal turns you into someone you were not designed to be and leaves you feeling empty.( been there, done that…have the t-shirt)

How about you?

Are you still reaching for the brass ring of success?

Have you achieved success and you think I am full of it?

Are you on a quest for significance? If so tell me about it..

Mentor Moment #4: When tempers flare, Ask yourself…”Is this the Hill you want to die on”?

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When winning the discussion is more important that the business outcome of what you are discussing it is time to ask yourself…”Is this the Hill you want to die on?”

I was a young VP of Sales and we were in heated senior management meeting and tempers were strained. Our CFO made a comment that was not only wrong but I found it insulting to me and my team and I began to fire back. The discussion escalated and our corporate consultant observing this behavior recommended we take a break. So as we left the meeting the consultant said “let’s go for a walk Mark and get some air.”

We walked outside and he said; “you know, I know, and I even think the CFO knows you are right Mark, but is this hill you want to die on?’” I never heard this phrase before and it gave me pause.At that moment I realized this discussion was more about me winning, about defending my team, my silo, my ego, and not about what added the most value to our companies’ bottom line. Was I wrong to defend my team under attacks from the CFO? No. Was it wrong for him to blame-storm the sales team when purchasing ( his silo) had as big a contribution if not greater in the poor quarterly performance? Yes.But this was not the hill I wanted to die on. This discussion would be much better served one on one than with the entire senior team looking on.

So we returned to the meeting and the other department heads expected me to be my Prick -ly self and instead I apologized for losing my temper, and I asked the CFO if we could meet after the meeting to discuss his perception that the sale team’s matching competitive bids was the main cause of our poor quarterly financial performance. (When we both knew the dramatic rise in raw material costs played a bigger role)

Market leading teams discuss what matters. They focus on the problems and broken processes and not people. Market leading teams discuss roadblocks to the entire team’s success and do not attack or defend silos.

Should discussions escalate and feel like they are getting personal, you need to ask yourself; “is this a hill I am willing to die on?” This quick gut check will often stop those CAM’s (Career Altering Moves) when we feel attacked and tempers flare.

There are hills you may want to die on; those that involve the safety of team members, issues that may open the organization to litigation, behaviors of team members in violation of your corporate values and mission, and or being asked to do something that violates your personal values.

Remember, it’s about adding value to the bottom line of the organization, and not about you, your ego, or you winning. You can’t win as a team if you win and another team member looses.

What do you think?

What hills are you willing to die on? Not willing to die on?

Have you found yourself in a heated discussion that was more about protecting your kingdom and or ego, than it was about adding value to the business? What caused your discussion and how did it turn out?

Do you have other questions like; is this a hill you want to die on, that you use? What are they?

Technorati Tags: leadership,Emotional intelligence,mentor