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We are living in a world of change. Competition is engaging in price wars, customers expect more for their dollars. Businesses can no longer be in the business of selling products and services—you must be selling a “customer experience.” According to Bloomberg BusinessWeek Research Services “a customer experience is not one thing but many: It is the practical and emotional manifestation of how a company delivers on the promise it makes to its customers through … every direct and indirect customer encounter a company has across all its customer or enterprise functions.”

Ultimately, your business exists to do two things:

• Attract customers

• Satisfy customers

If your business doesn’t perform these two fundamental functions, it doesn’t matter how well you do anything else.

What are your points of “value?”

• What is the promise that you’re communicating to your customers in your message?

• Can customers trust that you will fulfill that message to the best of your ability?

• What expectations will they have when they come to you?

• Are you listening so you can identify their problem?

• Do you treat customers as you would like to be treated?

Bloomberg Businessweek Research Services again found, that the companies which stand out in creating the customer experience believe that by focusing on customer value,”they can become more profitable and sustain these profits longer than the competition”.

Many companies now ask customers to call or go online and answer survey questions about their experience, others use secret shoppers. Do some inspecting of your own; look at your business with a set of fresh eyes – the eyes of your customers. What do they see? Walk through each step of their experience as if you were a new customer – from the initial visit to your website, to the time they leave your store or office. A great way to organize this is to create a checklist of every customer touch point. Make notes of each step in the process. Does their experience make you stand out from your competition? Are they apt to spend more, pay higher prices and recommend your company because they have become loyal and emotionally connected to you?

The Challenge: Strive to develop loyal, engaged advocates who would not even consider a competitor, because they trust you.

 By Barbara Eldridge

 Are you keeping up with the pace of change?  The pace of technology? The pace of your marketplace? The pace of your competition?  The Yearly Dilemma is how much do you and your business have to change to keep pace?  As a business owner you need to have information at your finger tips that help you make the best decisions. 

 Planning each year is a hands on process.  You might start by asking some tough questions. 

 Do you recognize the need for change?

Are you prepared to look reality in the face?

Are you willing to change the way you do business – and change        yourself?

Will you turn the plan into action?

Do you have the guts to take your business in new directions?

 I would like to lay out a road map that will get you to view your business through a lens that eliminates the distortions of everyday business.  Let me warn you, you may not like what you see.  But if you are going to meet the year head on it is a necessary process.  Let’s look at what a strategic plan could do for you.

            1. Develop a statement of purpose.  Why does your business exist?

Sometimes why we started the business is not the same as why we continue to work it.  One of my long time clients over the years has added staff, and possibly her successor, so that now she can travel more.  The business was started so she could support her family.

            2. Conduct a SWOT analysis.  This will help you evaluate your business’ internal strengths and weaknesses, along with the opportunities and threats you face in the market place.  It will give you a basis for developing a plan.

            3. Crystallize your thinking – Determine what specific long range goals you want for your business.  It is never enough to just want more money.  They should cover all aspects of the business.

            4. Create benchmarks, with specific results for meeting those goals.  It is easier to make adjustments along the way without losing sight of the long range goals.

            5. Brainstorm strategies for reaching each of the results.  There is more than one way to achieve a result, ask others for ideas.

            6. Develop a Plan of Action.  Plan the progressive steps, along with who will do what when.  Nothing ever happens without action, but there is a world of difference between mere action and constructive action.

            7. Be confident in yourself and your own abilities.  Be determined to follow through on your plan, because without determination the plan will deteriorate.

 The 8^th step is to track your progress.  Write out your numbers (yes I said write), know your sales number, gross profit, cost of goods/time.  It is a sure way of staying focused. 

 The Challenge: Turn the yearly dilemma into a solid strategic plan.  If you need help, Mind Masters has a Planning sessions each quarter, check it out at www.mindmasters.com.

We use goal setting in various areas of our life, why not set a goal to master Prospecting?

The internet has created a false sense of hope about millions of customers out there waiting to beat a path to your door. Having people friend you or like your business page, or those who comment on your postings aren’t the answers to generating the sale.

Prospecting demands a more proactive approach. Suspects still have to get to your web site or you have to meet them face to face so you can begin prospecting (finding out what their needs/problems are).

A true master Prospector has specific daily goals for new prospects, goals for having an unlimited number of “class A” prospects (these are people or companies that fit your ideal target market) which trigger a relentless pursuit of Prospecting knowledge, skill and habits.

A must part of becoming a Pro at Prospecting is mastery of your database. When you think about and plan to have hundreds and thousands of leads and prospects – they must be filed, categorized, classified, rotated and accessible. The database becomes your Money Box! For detailed information on how to develop your Money Box, check out Michelle Bergquist’s book, How to Build a Million Dollar Database at http://www.shop.michellebergquist.com/category.sc?categoryId=2.

Know what an “A” is. Know how and what questions to ask so you can

properly classify them as quickly as possible. An “A” prospect is anyone you feel has a good chance of becoming a client in the next year.

 Mastery requires tracking your progress so that you are getting maximum results from your prospecting activities. Set the goal to have an unlimited supply of “A” prospects. Make Prospecting your OBSESSION with every fiber of your being.

It is your KEY to ongoing success.

As you head into the last months of 2011 it is important that as a business owner you begin to take stock of the business in order to begin your process of preparing for next year. Many people know that a successful strategy puts a lot of different factors into consideration and uses these factors to make adjustments. Every successful entrepreneur will tell you that there are four things that play a part in the development of any successful business strategy, while looking at the 4 major areas of the business (Management/Operations, Marketing/Sales, Financial and Leadership (Personal/Personnel):

1) Strengths – You must always consider the various strengths that your business has. These strengths should be present within both you and the business. Knowing your strengths enables you to use them in order to achieve the desired goal. It is clear that every business has strengths which it could use to gain advantages over the competition. These strengths could range from having more resources to having more experience. Your strategy must utilize the strengths to the maximum to insure greater success.

2) Weaknesses – Just as every business has strengths, every business also has its weaknesses. As you plan your strategies, you need to take these weaknesses into account in order to overcome them. Be realistic regarding weaknesses in order to truly be effective. These are factors that are under your control, but for a variety of reasons, are in need of improvement to effectively accomplish your objectives. Being aware of the weaknesses, you will be able to address specific ways of overcoming them.

3) Opportunities – In any business environment smart business owners have always taken advantage of every available opportunity for advancement. What opportunities exist in your market, or in the environment, from which you hope to benefit? These opportunities reflect the potential you can realize through implementing your strategies. Opportunities may be the result of market growth, lifestyle changes, resolution of problems associated with current situations, positive market perceptions about your business, or the ability to offer greater value that will create a demand for your services. If it is relevant, place timeframes around the opportunities. Do they represent ongoing opportunity, or are they a window of opportunity? How critical is your timing?

Be alert to the fact that these opportunities are often shrouded and you need to keep a keen eye and a good sense to take advantage of them. In taking advantage of opportunities, however, you must not lose sight of your main goals through which you can measure success.

4) Threats – Since the market contains opportunities for the business, it should also be mentioned that it does contain threats. As a business owner you should be aware of any potential threat that could place the business itself, at risk.

These are also external – you have no control over them, but you may benefit by having contingency plans to address them if they should occur.

A threat is a challenge created by an unfavorable trend or development that may lead to deteriorating revenues or profits. Competition – existing or potential – is always a threat. Other threats may include intolerable price increases by suppliers, governmental regulation, economic downturns, devastating social media or press coverage, a shift in consumer behavior that reduces your sales, or the introduction of technology that may make your products, equipment, or services obsolete. Get your worst fears on the table. Some of these threats may be speculative in nature, but you need to recognize them to add value to your incoming year’s strategy.

Having a clear handle on the strengths, weaknesses, opportunities and threats in your business will position you to develop the strategies you need to meet the challenges of the 2012 marketplace. Next time we will look at how to develop and execute your strategies.

Last Minute High Value Strategies to Achieve Your 2011 Goals
Monday, October 3, 2011 in Mission Valley from 9:30am – 12:30pm

Are you scrambling to finish out the year? Or are you just going to get by and get through to Thanksgiving and Christmas and THEN ramp up to go for your important goals in January?

Three months is plenty of time to make some serious progress on the goals you want to achieve. And in doing so, you could really position yourself for an exceptionally successful 2012. Now is the time to get clear, stay focused and take consistent action to achieve the success you want and deserve. What are you going to do to accelerate your results?

Unleash Your Power, Today, nothing plays a greater role in the success of your company then focusing on new strategies. And if you are going to succeed in today’s ultra competitive climate, you’ve got to take time to do it. Danger awaits those who wait for the once-a-year performance review with a tax accountant.

If the dreams of taking your business to new heights hasn’t materialized, perhaps it’s because not enough people know about who you are and what you can offer. Or you’re doing as much as you can in the business but you’re just not getting the results you think you should be getting. You’re looking for ideas, brainstorming, inspiration and feedback to get you on track and keep you there. You need a structure of support that can help with any and every issue.
Join Us and:

• Take stock of your business,
• Invest time for optimal performance
• Change a habit or strategy
• Shift into high gear
• Transform your effectiveness
• Choose the tools and tactics you need for success
• Learn to turn intention into ACTION with the 5 Stage Business Building Process

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Active Member $29.00 Inactive Member $39.00 Visitor $49.00

When I have asked my solo-preneur/small business owners how they plan and keep track of their work I usually find they keep overwhelming lists of to dos.

Having just finished Mind Masters 3^rd Quarter Strategy workshop I always stress that a specific plan of action is essential to progress and success. A worthwhile plan is more then a to do list, it is a design, a blueprint. 

        ~Action steps implement the chosen strategy and tactics to realize chosen goals and   results. 

        ~Action steps or action planning is a tedious, but critical, part of the planning process. It is a matter of spelling out step by step each of the accountability steps that must be completed. It requires careful thinking about the timing involved and the manpower requirements. 

        ~Action steps with completion dates can also provide a measurement of progress towards any objective. Breaking each task down to small steps keeps the process from being overwhelming. It allows time for skill development. Complex skills take practice. Small action steps increase the mastery of the game, which adds to the passion, and creativity needed to sustain the motivation for winning.

 Over the years my own experience of working with a PDA caused me to be overwhelmed.  I went back to a system that had helped me put organization into my to do list.  It’s called a Planner Pad (www.plannerpad.com).  It has been the key for me to take control of my plans, projects and goals once I have clearly defined what I wanted to accomplish.

 Yearly, quarterly and monthly planning has been an important aspect of Mind Masters from day one – but having a way to filter those plans into productive action needed a tool that would get me the results I wanted.

 The key is to categorize your high priority, high payoff items first, both business and personal.  They can be referred to as:

            Activities             Results        Projects     Commitments 

Some of the things we do are routine, but we still need to be reminded about them, while projects or results require a more detailed list for completion along with time frames. It helps balance everything you do – in your work, home and personal life. 

On a weekly basis, when you do your planning, it is easy to choose the things from each list that must be done within that time frame.  Each day, based on your schedule you can easily funnel specific actions down knowing you have allotted the time to complete them.

Last time I talked about the importance of developing basic systems and procedures for all areas of the business. Probably the most ignored or avoided area I have seen with small business owners is a system or program in place for regular review of progress. Just like any game, there must be a score card in order to determine the outcome. Nothing is accomplished by setting objectives, resolutions, and behaviors unless you utilize the business resources required to measure it.

#1. How often do you review your outcomes?
In business a monthly or quarterly review will help determine where the shortfalls maybe, to allow for timely corrective action. In some cases, even weekly assessments are necessary.

The tool for accountability asks “How am I doing?” The answers provide you with what you need to know about your business or yourself in order to improve and/or increase your results.

#2. What does it take and how do you begin?
Tracking your progress means having systems set up that provides you with information.

#3. What do you need to track?
How much do your customers spend with you?
How old are they?
How did they hear of your product or service?
What did you gross this week, month,quarter, year?
Did you make a profit? What is your break-even point?
What are trends of your business?
How many prospects and/or contacts did you make?
How many new customers did you attract?
Time on high priority, high payoff activity

What about behaviors?
Scheduling appointments Planning Prospecting
Organizing
Attitude
Spending
Level of energy
Rewards

It takes persistence to accomplish your goals. You must continually work on self development in order to have noteworthy success at any endeavor. Of course, one of the business resources to help you accomplish these goals is business coaching from Mind Masters.

It takes having a way to continually remind yourself of your goals and results. Every day you must take action toward them. The daily reminders will result in long term persistence which enable you to achieve the success you want to have both in business and in lifestyle.

Be sure to take a look at other blog articles from Mind Masters, the San Diego mastermind group

Just because summer has arrived doesn’t mean your business has to be on a break. True success doesn’t wait. And meaningful success comes by first identifying what mountain you want to climb. Building a business, like climbing a mountain, takes courage and keeping your sights on the goal. At this very moment, you are in one of these three positions – above, on or below your target. RIGHT NOW is the best time to review, reflect and if necessary, correct your performance before too much time and distance gets away. Take control of this time to create clear, easy to follow priorities that are empowering and reassuring to you and your customers. This dynamic program provides a 5 Stage Business Building process that focuses on specific areas of business to help you . . .

• Transform ideas into tangible results
• Gain a sustainable advantage in your market
• Learn Critical Success Factors for Growth
• See better profits from more focused action
• Expand capabilities and enjoy the experience of learning from others

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Registration PDF

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Active Member $29.00 Inactive Member $39.00 Visitor $49.00

Your Name

Business Name

Business Address

City, State, Zip

Business Phone

Home Phone

Email

In working with entrepreneurs over the last 20 years I have emphasized the importance of developing basic systems and procedures for all areas of the business. The more new things that get introduced, whether its technology, new markets, new products or services, without the basics it costs you money.

There are days when so much is going on, it doesn’t leave much time for improvement or making your business work better. Starting with some basics allows you to adjust one thing at a time.

Of all the areas that small business owners violate the most are marketing and sales. Consistency in generating prospects we can sell to is the only way to keep the business growing and working for you. Your effectiveness in marketing and sales starts with mastering the basics and then applying the best strategies.

Marketing Basics:
What do you sell? And what do prospects buy? What is the benefit to your client/customer?
What business are you in? How do you position yourself in the marketplace?
Do you specialize in a target market?
Do you use at least 3 consistent marketing tactics to reach your target audience?
Do you track the results of your implementation schedule?

Selling Basics: Do you have a prospecting system?
Do you have a process for developing needs?
Have you created a solutions based sales presentation?
Do you have a handful of ways to ask for the order (close the sale)?
Have you created a good client service process?
Do you track your vital statistics? (number of prospects, calls, appointments, sales)?

There is only one way to be successful in your business or anything else. Master the fundamentals—the basics!” To master them you must own them. There is no mystery here. It takes discipline, fundamentals, solid repetitive systems, and activity.

Besides the noble art of getting things done, there is the noble art of leaving things undone. The wisdom of life lies in eliminating the nonessentials. Chinese proverb

  Have you ever wished that you could have 30 hours in a day? If you are like most people, more often than not, you are plowing through your day full speed with all possible energy and ability and yet at the end of the day, you still find yourself floundering for enough time to do everything you had wanted to do.

  Time is a unique resource. Every person every day is assigned the same amount of time. The amount of hours you have in a day cannot be accumulated like cell phone rollover minutes. You can’t turn it on or off, and it can’t be replaced. It has to be spent at the rate of sixty seconds every minute by every person.

  The secret then in accomplishing all you need to do does not lie in being given more minutes, but it lies in excellent time management. Excellent time management principles come from knowing what your goals are, setting priorities which would bring about those objectives and putting them into action. It comes from identifying what is urgent versus what is important. The important priorities are the ones that will help you accomplish your goals in life and business but rarely must be done today, while the urgent tasks may not help you achieve your objectives but always call for instant action.

  The best starting place to improve your use of time is to understand the extent of control to which you have of the time available to you. No one has total control over a daily schedule, because someone or something will always make demands (These are the urgent things); however, everyone has some control, and probably more than you realize. If you learn how to utilize this control that you do have for the important priorities, you are well on your way to excellent time management. Excellent time management will take you on the road to-ward success.

 Barbara Eldridge, President & Founder of Mind Masters