Tag: big fish

5 Killer Mistakes – Part 3: Up Cash Creek Without a Paddle

5 Killer Mistakes – Part 3: Up Cash Creek Without a Paddle

Now to conclude our killer mistakes series, we will talk about the worst mistake you can make that will not only cost your clients but might even cost you your company. Today we’re going to talk about the fifth killer mistake: Cash Flow.

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 or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. Managing your cash flow can seem like a nightmare but is 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 payments 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 knowing which accounts need to be paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your investor network.
  • Having a weekly, not monthly, cash flow management system.

These are all great ways to protect the cash flow of your business and be able to serve your clients. However, these last few lessons are all about finding and maintaining your big fish clients. These clients are essential to your success, and you need to take the time to work through each of these steps carefully and correctly for the best success.

I am here to help with any of the processes we have discussed; feel free to ask me how to get access to a wealth of Free tools and resources and our business coaching staff.

Take the One Thing Challenge!

If you feel frustrated with sales and marketing, the reason may not be a lack of effort or investment. Instead, the problem may be inadequate or inefficient service delivery to your customers. 

Remember, the best time to make a change was yesterday, so you better get started today! What is the one thing you need to change or do differently that would make you more successful?

Complete this quick form, and I will respond within 48hr with one action you can take to make your one thing a reality?

 

Keep Up the Momentum

Keep Up the Momentum

Negotiation is more than a transaction. In this article, we will explore how to develop a mutual alliance in your big fish relationship. Developing this relationship allows you to turn a singular transaction into multiple transactions, introductions, opportunities, and more.

One of the most critical 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:

  • Use their preferred media. It is essential to contact your clients/ customers the way they are most comfortable. 
  • Contacting the person your champions supervisor to share your experience
  • Introduce them to complementary products or services that can enhance their experience
  • Be patient and create a timeline for following up. The goal is to be present but not overbearing/desperate.
  • Invite them to participate in your company function or opportunity. It is a great tool to build investment in your company.

These are just a few ideas and tactics for maintaining relationships. Your goal is to create value outside of the singular transaction. In all cases, you want to become their go-to problem solver.

Now that you have some ideas of 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. Solutions: provide them with a product or service that solves their immediate problem. 
  2. Information: provides them with access to new people, markets, and knowledge to achieve their goals.
  3. Improved environment: give them tools to make the workplace the best it can be. Find ways to bring joy into people’s lives.

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

This article was a quick guide on keeping your alliance strong. Please note there so much more you can do. The most important takeaway is, your relationship should have transactions but not be transactional. You must avoid the favor for you, a favor for me mentality. 

If you need help developing your alliance strategy, please feel free to contact us. We would love to help you.

About the Author

I am a business coach and consultant specializing in uncovering the root cause of a challenge and offering an unexpected solution. That solution typically results in a substantial increase in profits and the peace of mind to set you free from your business.

I ask powerful questions to clarify who you are and what you want. I am empathetic, although surgical in approach. I make my clients feel they are the only person I am working with. I have an uncanny way of drawing people out and getting to the heart of the matter.

I am a Pittsburgh native who aspires to free business from the rat race. If I am not working to improve the lives of my clients. Then you will most likely find me on the ice playing hockey, reading, or making plans for the future.

If I can ever be helpful to my readers, it would be my pleasure to connect and see where I can bring you value. I look forward to continuing to share more great lessons with my growing community.

What has D&D taught us about sales?

What has D&D taught us about sales?

Now that you’re prepared to make your first impression, you have your plan and profile in place. It is time to think about how to match your big fish to the right salesperson. The process is all about matching the right salesperson’s personality/ style to the correct prospect.

Before we jump into this, make sure you go back and double-check your process because once we assign the salesperson, there is no turning back. The human factor and the benefits of each of your salespeople’s personalities will now come into play.

Ok, so now that you’re clear on making sure your process is ready, let’s talk about your salespeople.

You need to do this in two steps:

  1. Profile your salespeople’s personalities.
  2. Match the right salesperson to your target fish.

There are essentially three different selling personalities. Most salespeople are usually strong in two of the three arc types. It is crucial to think about your people and see which one each of them is.

The Sage 

This salesperson offers knowledge, experience, comfort, and trust. They can make a concerned customer feel at ease. It is their mission to educate the client to empower them to make the best decision. This salesperson tends to relay the logical information and speak to those benefits. 

To be successful, they need plenty of information, a demo of the product/service, references, and case studies, if possible. They tend to shy away from using emotional appeals and staying grounded in the client’s needs, not their future wants.

The Companion 

Much like it sounds, this is a salesperson that shines at building relationships. They can instantly relate to the prospective client and make them seem like old friends in no time. They work best with clients looking for friendship, information, and a similar peer group as the salesperson. This can include anything from age and culture to hobbies and nightlife. While sharing experiences can be beneficial to creating a new relationship, your salesperson must always keep it professional and dignified. 

This salesperson focuses on painting the picture of the ideal future state. They spend their time working towards the long-term sale and only get a few big wins. They excel at upsells and cross-sales because they are seen as the guy for their customers.

The companion can get in trouble because they tend not to have a large volume of clients. In addition, their sales process takes longer than the others, which can cause trouble for high transaction volume businesses. 

This personality type needs help pairing with the right client, schmoozing budget, and the correct information to meet the client’s needs. In addition, you should consider putting this person in a role working with the big clients that you need to maintain a relationship with.

The Brawler 

Obviously, this personality type is a little more aggressive than the others. They are all about business and the bottom line. While this may seem harsh to many people, there is a set of business people who want the same thing and respect someone who can get down to business and the benefits of a partnership. This salesperson will need to be trusted with a bit of authority as they will likely be closing deals on the spot. They’ll need plenty of resources and access to products and services. They are best placed in environments where they can work independently, exercise their authoritative discretion, and seal deals quickly. 

They are great in high-volume environments or with clients who want to make the now decisions. You tend to see them work best with your straightforward type A personalities.

Pick the right map

Any of these salespeople can all be successful when used in the correct environment. You can easily see how matching the right salesperson for the client can secure more big fish and for a more extended period of time. 

It is up to you as the business owner or sales manager to put your people in place to be most successful. It is also vital to create an environment for your sales team to work collaboratively vs. adversary. This way, you ensure that complimentary styles can share in the benefits. It is important to both have team and individual goals and bonuses.

If you need help figuring out how to capitalize on your sales team and land the big fish. Don’t hesitate to get in touch with one of our coaches. We would love to offer our aid.

Where is your next big client? Picking a pond is important.

Where is your next big client? Picking a pond is important.

Let’s continue where we left off last week, where we talked about bringing the big-company mindset into your business and your team. Having a big fish mindset will help you overcome the mental obstacles that will keep you from being successful.

Now that you’ve learned how to overcome that, we’re going to identify who is our ideal big fish. It’s essential to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.

It is important to know a few things about your fish. All people and companies have habits, and it essential to be able to identify them. For the sake of this article, we will talk about the most important habits for you to identify. These habits are their purchasing habits, procedures, and company culture.

Purchasing Habits 

  1. Fiscal Budgets:
    1. It’s essential you know the fish’s fiscal budget, so you know exactly when they are planning their expenses for the year. Knowing this information allows you to tailor your plan to approach them just at the right time.
  1. Current Fulfillment Partners
    1. Spend time identifying who they are buying from already. Your goal is to understand why them and not you.

Procedures

  1. Responsibilities:
    1. You need to know who has influence over purchasing, who does the actual buying, and who can kill a deal if they want.
  1. Purchasing structure
    1. Besides knowing who the decision-makers are, it is important to identify the company’s desired sales process. For instance, do they want an RFQ or RFP, an estimate, etc.?
  1. Get on Their List:
    1. You need to know how to get on their list of people to buy from. Your name needs to be on the list but at the top of it and in as many categories as possible for more interaction. Ask about a procurement program and what you need to do to go through the application process.

Company culture

  1. Lingo:
    1. You need to learn the company’s unique language and communications methods. These could include report names, buzzwords, and even the nicknames they have for their employees.
  2. Values
    1. Take the time to identify the values at all levels of the company. Not just the ones on the website. Values are essential to understanding motivation is the path to problem-solving.

These three areas are just the starting point for identifying your “Big Fish.” I encourage you to spend additional time creating an Ideal Client Avatar.

Red Tap Warning

Now that we’ve talked a little about what you need to know about your fish, let’s a quick look at the “red tape.”

Bureaucracy might as well be a four-letter word with the emotions it stirs in all of us. “Red tape” is a necessary evil, but one you can use to learn from. There are two ways to learn from their system:

  1. Analyze their activity.
  2. Review their correspondence.

Being an outsider looking in can have its advantages too. If you hate dealing with the “red tape,” imagine how their employees feel dealing with it. If they need to crunch some numbers, offer to do it. If they need more info, make sure you are giving it to them in a user-friendly way.

Congrats on creating your Big Fish profile; you have taken the next step. As much as fishing is a solitary activity when it comes to business, it is important to get help. Engage your team, support network, mentors, and coaches in this process. As always, I am here to help. Don’t hesitate to ask a question.

The best time to start was yesterday, but today will do just fine.

About the Author

I am a business coach and consultant specializing in uncovering the root cause of a challenge and offering an unexpected solution. That solution typically results in a substantial increase in profits and the peace of mind to set you free from your business.

I ask powerful questions to clarify who you are and what you want. I am empathetic, although surgical in approach. I make my clients feel they are the only person I am working with. I have an uncanny way of drawing people out and getting to the heart of the matter.

I am a Pittsburgh native who aspires to free business from the rat race. If I am not working to improve the lives of my clients. Then you will most likely find me on the ice playing hockey, reading, or making plans for the future.

If I can ever be helpful to my readers, it would be my pleasure to connect and see where I can bring you value. I look forward to continuing to share more great lessons with my growing community.

One Fish two, Fish, I can’t stop thinking about the Big Fish.

One Fish two, Fish, I can’t stop thinking about the Big Fish.

Title picture

In the last post, we started our series on catching big clients, or “fish,” that will sustain your business over the long run. Today we’re going to take that a step further by talking about understanding and thinking like a big fish company and how that can help you plan your approach and find success.

Before you can start landing big clients, you have to make sure your entire team is on board with your approach and vision. There are six keys to finding big client success. They are:

Six Key’s: Big Fish Mindset

  1. First Impression: Never give them a reason to doubt your abilities. Plan your interaction and be prepared to listen, learn, and act to solve their problems. Make it about them and not you; be patient. 
  2. First Priority: Your fish must always feel like they are your priority. Return calls and emails promptly and find solutions to their problems or questions as quickly as possible. Over-communicate on the process; let them know your thinking of them.
  3. Flexible: You need to be flexible in your negotiations. If they need a particular service or for you to customize a product, say yes for the benefit of the long term. A little hassle now will be a big payoff later.
  4. Long-term: This goes along with the last one a bit. As you are approaching and negotiating with big fish, you need to think about the long-term benefits for your business. If you go for a one-time big score, you will lose their interest.
  5. Have Fun: Work should be fun, even when trying to land big clients. Going after the big fish should be the most fun. You are sharing your vision with new people and including them in your future success and likewise. People work better in a fun, happy environment. Your passion will also be contagious and pull the fish into your vision even more.
  6. Put them first: If you take just a little bit of time and offer your clients ways to save money or time by introducing them to potential business partners, this will show you are invested and interested in their business. Strive to find the balance between your business needs and your client’s needs.

Now that you understand the basis of the Big Fish Mindset. You might be asking, great, how do I develop a vision for my entire company? There several tactics to employ, but here are a few of my favorites. 

  • Engage your team in defining who is an ideal “Big Fish Nothing gets a team to share a vision like having them be a part of the process design.”

 

  • Write the vision and goals everywhere. Create signage that reinforced the company vision and goals. Everyone loves suitable bathroom reading materials. A fun poster in the stalls can go a long way. Plus, this is a great way to reinforce company values.

 

  • Training, Training, Training: Constitnantly reinforces the goals and objectives while teaching your staff the skills to achieve them. Get help and provide resources for your team to be successful. May I suggest starting with a lesson on the “Big Fish Mindset.”

 

  • Score Board: create a way to share the progress with your entire company. It is a great way to show each person’s contribution to the whole. Plus, it can be a great way to track and evaluate your process. 

 

  • Strategy eats tactics for breakfast, holds frequent meetings to make sure your strategy is working, and adjust the tactics to achieve your goals.

 

  • Create a communication policy, be very clear with your team about how quickly you expect your staff to get back to customers. In addition, create shared language and terms around communicating to clients and other team members. Defining these parameters will solve a lot of problems down the road. 

 

  • Reward in public, coach in private. As often as you can, praise your team. Find a reason to thank your team and appreciate their work. If they’re not performing, pull them aside and ask a straightforward question. What do you need to be more successful?

Including a big fish mindset in your overall company vision and experience will allow you to achieve more as a business owner and organization than you could ever imagine. It will enable you to start thinking long-term and give you the ability to invest in your people, process, and profits. Include the tactics in your strategy, and your company will begin landing big fish in no time.

If you need help creating the system, process, and developing the strategy big-company mindset, contact us today to work with one of our coaches or check out our resources and tools. 

The best time to start was yesterday, but today will do just fine.