Author: Allan Colman

If virtual happy hours, wine clubs, breakfast clubs, etc. are meeting regularly using video systems, how are you using video calls to stay in touch with your customers, clients and prospects?

• Are you providing consulting services via video?
• How often have you presented your newest product line directly to customers?
• Have you set up video calls with prospects to review their current needs?

In the good old days [as in last month!], seeking to identify new sources of revenue followed the Rule of 4:

• Rule #1: Find ‘em
• Rule #2: Meet ‘em
• Rule #3: Get ‘em
• Rule #4: Keep ‘em

By adding video calls, you can still find ‘em, get ‘em and keep ’em. In this manner, you can come close what we focus clients on –

50 % of new business every year
should come from clients/customers, referrals and prospects.

Check-out this 5-minute video on how to set-up great Zoom calls for selling in today’s times.

If you have tried video services, you know there are some glitches. This April 7, 2020 article appeared in Harvard Business Publishing and simply demonstrates the use and reliability of Zooming, “webcamming,” “internetting.”

“Please bear with me, this is all very new.
“In the past few weeks, you’ve likely received (or even sent) dozens of messages like this from colleagues, students, family, and friends. We’re all trying our best to adapt to a new normal that decidedly isn’t. Just as technology has become an essential part of our personal and professional lives, that technology shows us just how unreliable it can be—webcams suddenly stop working, internet connections aren’t quite as good as we thought they were, and that lecture you spent the last hour recording? Yeah . . . the audio cut out. You’ll have to do that again. “As frustrating as all of this can be, at least it’s a shared frustration. And it’s heartening to see how people are, overwhelmingly, bearing with each other. Unplanned occurrences—like a family member’s sudden cameo in your econ class—are part of everyone’s daily routine now, and there’s a level of compassion that comes with that. In The Faculty Lounge this week, we’re looking at how we’re helping one another through this time thanks to patience, empathy, and even a little humor.”

So, follow our three rules of CLIENT RETENTION: communicate, communicate, communicate. Add video communications to your emails and phone meetings. You can overcome the glitches. Get to work on what your business needed all along. Focus on what will help you when the NEW NORMAL is ready to be kick-started.

We will keep you updated as more develops, and we are always here to help answer any pressing questions on accelerating revenue. Please feel free to reach out to us for more advice on accelerating revenues.

Dr. Allan Colman, Chief Revenue Officer

Small Business Plan to Thriving During The Great Mess

Small-business owners, partners, board members and business investors have two primary concerns top-of-mind: debt and revenue. The new CARES Act and even the current SBA Economic Injury Disaster Loans (EIDL) program might offer sufficient funds to save thousands of dollars each month. Both are now apparently offering low-interest loans AND grants for recovery from economic injury, including:
• Operating Expenses
• Cash Flow Disruption
• Delayed Working Capital
• Accounts Payable
• Fixed Debts.

Although the EIDL program is not designed to replace profits or revenues, the focus is, indeed, on paying financial obligations “directly related to disasters.” And your debt clearly meets this objective. Congress has expanded the EIDL program and relaxed the underwriting guidelines for small businesses.

Immediate Takeaways

The first step is to assess and prioritize your company/agency/firm’s needs and then scan the SBA website for eligibility definitions. This should include previewing the application process and identifying where and how your economic “injuries” fit. Next, complete and submit applications as soon as feasible, recognizing you might need to modify them as the Agency begins its review process. Note that although the impetus from Covid-19 is to streamline the government’s procedures, the volume of claims will most likely slow the process down.

Key takeaway: Act quickly and ask for help if you need it. At some point, an SBA staff member will be assigned to work with you to complete and hopefully approve your application. And there is a provision to “grant” up to $10,000.00 within three days.

Once your application(s) is accepted, there may be more forms to fill in, more tax returns to file, collateral could be required and an evaluation of business activity from past years might also be requested. Time estimates I have heard include 50–60 days before the application is completed and approved, the loan/grant documents forwarded, and another week or two for signatures. Then a check should be forthcoming.

Side note: Sometimes the SBA asks for “verified” financial statements, so it is a good idea to start this process now.

But it should all be worth it if your debt for the above expenses are covered. The Act even provides a system in which many loans granted under these programs could be waived.

Pandemic Business Life

Now we’ve covered inexpensive debt financing. So, let’s view your revenue needs next.

Our challenge is to prepare businesses to move rapidly when key “turning points”arrive. Public health experts are examining several scenarios in which social distancing could be relaxed in two months, partial operations starting in four months, and “business as usual” may be a year away. If, as one scenario suggests, warm weather brings major relief from the virus spreading, “. . . . we need to use the summer lull to steel our response.”
(Pinsker, The Atlantic, March 26, 2020).

Let’s not wait to find out what post-pandemic-life will be like. Begin building a flexible strategic business/actions plan now and start working with some of its tasks. It will provide immediate takeaways you can begin implementing now and may lead to unique solutions as we all wrestle facing uncertainty.

Get to work today on what your business needed all along. Focus on what will help you when the NEW NORMAL is ready to be kick-started.

We will keep you updated as more develops, and we are always here to help answer any pressing questions on your mind. Please feel free to reach out directly to me at: acolman@closersgroup.com

Dr. Allan Colman, Chief Revenue Officer

Teach Tactics ….

Look for ways to help your clients. Offer to make introductions suggest alliances or find new relationships that could add to their bottom line. For example, in-house counsel are often bombarded with requests for guidance from business unit executives as well as departmental managers “who want to get things done.” Anticipate generic problems, not just client specifi ones.

Your client expects you to be ahead of the curve. Help transform your client’s liability into an asset. And remember, your clients have careers too. Reward them by providing opportunities to lead, speak and co-author articles. Their organization reaps the benefits and you become even more key to their success. Following are 3 ways to help:
Do you have internal selling tools that can help your individual clients develop?
Do you have upcoming conferences where you can sit a client next to people so they can develop a mutually beneficial relationship?
Identify your own colleagues who can provide another practice value to your clients.

Everyone is in sales!

It is the responsibility of client-relationship leaders to ensure that everyone in their groups build relationships with their peers at clients’ and in professional organizations. Effective firm leadership would ensure that senior staff and professionals are identifying who would replace their clients if they left their positions or if the company was acquired. Invite them to be on a conference panel with you. Ask about co-authoring an article which would appear in their industry journal.

Insure that firm business development efforts include associates and that they are provided with training. Lack of training is one of the primary reasons attorneys lateral to new firms. So ask these questions; Does your firm’s professional development program include on-going business development training? Are you holding the firm’s senior management accountable for client succession planning?

Practice Lunch

Firm leaders need to focus on ensuring that closing skills and marketing begin with the first contact and involve following up:

Building the relationship;
Understanding the prospect’s business;
Brainstorming;
And offering ideas before asking for business.

Our approach insures that the leadership in your firm develops the skills necessary every step of the way.

They should be focused on helping every marketing team practice these skills, even for a lunch meeting, to close more business. Assign specific responsibility and accountability to your senior professionals and marketing staff to identify and upgrade underperforming assets.

Make sure the firm’s leadership is focusing on developing the right strategies and cultivating teamwork to grow new business. And make sure these strategies are clearly, and often, communicated to the team.

What are you waiting for?

In our recent practice, 2 firms approached us with a very similar problem: “We’re spending lots of money for marketing and business development but not seeing any measurable results.”

It was clear that they were blocked from revenue growth and an improved ROI without a Strategic Actions Plan. Both managements were stymied.

The pathways to improvement were different based on their sizes and geographic coverage. Their stories and the recommended solutions demonstrate the wide range of challenges and obstacles clients face. Let’s see why one of their COO’s stated, “After 2 years, we are 90% implemented.” ……….

The Demands of Leadership

Attending the performance of a symphony orchestra is a great opportunity to experience the beauty of bringing diverse instruments together. For exceptional leaders, such a performance can serve as a reminder of how amazing things can result when various elements work together for one outcome.

But there is something bigger that you can take from the experience – an understanding of the importance of a strong leader. Consider this: while an orchestra’s conductor does not play an instrument, he or she is arguably the most important member of the symphony. After all, the conductor is responsible for ensuring that each player knows his or her part and for delivering a polished presentation to the orchestra.

Some professionals feel out of tune in their efforts to make decisions and have them implemented. It is crucial to remember, however, that leadership is a highly focused activity that must be internally orchestrated. You must decide which advice to take, determine which of the available tools and strategies will work, assign implementation tasks, hold people accountable, weight he risks, and consider the impact on a future legacy. These are the 6 Laws of Exceptional Leadership that we will discuss in the succeeding posts. They are all based on “The Crazy Impact of Leadership” where I am one of the co-authors.

Do You Put Growth before Value?

Clearly identifying your “value” to clients and customers is a critical link to other essential practices for revenue growth including your brand, strategy, marketing approaches, communication, etc. It is often referred to as a Unique Positioning Statement. And there is a vital back-end to how using your value can be translated into a prospect’s needs. But first, instead of a time consuming, theoretical approach to clarifying your value, begin by asking questions.

1. When clients, competitors and prospects hear your firm’s name, what adjectives come to mind? Are there common themes or adjectives used? Once clarified, use them to communicate who you are in all aspects of marketing and business development.
2. Determine what it is that makes your firm, consultancy or company stand out from your competitors?
3. Why do current clients continue doing business with you?
4. Are there things that make your firm truly unique?
5. Why should clients and prospects actually come to you for services?
6. What do you have to offer that is not available elsewhere?

Once you have taken the time to answer these questions, and come up with the most powerful thing that makes your firm special, create a single, simple statement that sets you apart from your competition. It is your value and relates directly to your brand and core story. This value statement must reflect the honest fact that sets you apart from the rest. Honesty is the key – make sure you can fulfill the promise 100% of the time.

Now what about this back-end use for your value? When meeting with prospects listen carefully to their needs. Respond to them with examples of how your group has dealt with similar problems or issues, thereby demonstrating your values. If successful, you will have converted their needs to your values! And you are on the road to new business.

The very expectation of value creates a dynamic that is optimally conclusive to “closing.”

What’s a core story?

The core story combines the value, brand and strategy you have developed to clearly and simply communicate to prospects what you do. It should immediately follow a brand statement. Once delivered, you should have prospects and new acquaintances asking lots of questions which should be stimulated by the core story.

1. Do you know what’s happening in our market?
2. If I work with you, how do we measure results?
3. What do you know about our competitors and their services?
4. Are there risks if we retain you and your firm?
5. Tell me 3 reasons why you are better than firm x?
6. How important is diversity and inclusion to your firm?
7. How can you help us communicate results internally?

In other words, in refining your core story, put yourself in their shoes. If it doesn’t resonate with them in an initial meeting or a formalized pitch, why not? And in a follow-on discussion about retaining your services, have your team members been given training to “close”? Have they practiced going from the core story to implementing your sales strategy? Imagine sitting at the table with a particular prospect because the right industry and the right prospect have been targeted. Your research has given you a clear sense of how this buyer thinks, what their business is about and what the company wants and needs and what your opportunities are vis-à-vis your competitors.

Make sure the core story fits and is blended into your marketing and sales efforts.

Do you know the why? When Mary Barra was first appointed CEO of General Motors, she was asked what the biggest challenge she faced – “The head nodders” she said. They are the people who nod their heads yes when presented with a new program, process, decision, plan, etc. and then just continue on doing what they always have. By addressing the importance of communication, another in the 12 Essential Practices of New Business Development, clarity and follow-up are critical.

If a decision is not clearly communicated and prominent in the minds of the leaders, and followers, it will be difficult to convert it into action. Do not just issue decisions, present plans, unveil new services and then stand back. Remain in contact with those you have delegated to lead the implementation and insure they are doing the same. If obstacles or delays are encountered, identify ideas for collaboration or new steps to take. And continue to call for direct action.

Sound decision making must always keep the end in mind. Take in the longer range view of the desired end result and incorporate those goals into the designated actions. And again, make sure they are repeated often throughout the organization.

CEO Barra recognized that we are all in the people business. And people are creatures of communication. Remember, as she does, that every product and service is designed by people, built by people, sold by and to people. So communicate the why in order to accomplish the what.

So what are you doing about it? All too many companies and firms let new business slip through their fingers every month. Our keynote and workshops utilize methods for finding missed opportunities, underperforming assets, prospect segmentation, targeting and building effective leadership – all proving to double books of new business.