Good people are hard to find, the saying goes. For example, by the year 2000 over 190,000 computer programmer and other information technology jobs will be vacant, according to a Bureau of Labor Statistics report. (This is now a bit out of date, and although the dot-com bustups and the 2000-2001 recession has eased things a bit, it is still difficult to lure top talent.) It may be easy to fill these empty positions if you are a software giant like Microsoft, but there is a tremendous challenge attracting (and keeping) top performers if you are smaller and less well known.
According to chief executives and industry recruiters who were interviewed for this article, there are three main areas on which to focus: the quality and market position of your product or service, environment, and compensation.
Leading edge technology and a high perception of quality will lure top technical and design people, salespeople and support people, all for different reasons. Technology people relish the challenge of developing something new, plus they need ongoing opportunities for skill enhancement to remain fresh.
As for top sales people, a strong product means they can earn bigger commissions, and their egos are fulfilled by being on the leading edge. And top support people are smart enough to know that a quality product makes everyone's job easier, and it enables them to earn their incentives. For everyone, superior products will earn your company better returns, enabling more reinvestment in R&D, providing challenges and adventure for your technical people, and more and better product for your sales and marketing team.
What if your product is not cutting-edge, or your quality not up to snuff? Appealing to top performers is not going to be your only problem. Unless you control a mature market niche, your company will need to update and upgrade to remain viable - this requires high caliber people. If you want to survive in the marketplace you must concentrate harder on the next two factors.
Environmental factors - the corporate culture, the caliber of co-workers, the attitude of your management team, and your physical environment can be pivotal in finding and retaining talented people.
Corporate culture is one area smaller companies have an edge - that "hell-bent-for-leather" attitude makes it exciting and challenging to come to work, and there are fewer layers of bureaucracy people find so stifling. Real teamwork, where success is shared and the team affirms a common commitment, will draw other top professionals.
Having a smart, talented staff will captivate more smart, talented people. So will a collegial atmosphere which values the opinions of the rank-and-file along with open-management policies keeping the troops informed on the state-of-the-company.
A training plan, designed career paths and professional conference attendance are more ways to attract and keep people. Other small but significant options include dress code, flextime, telecommuting, offices with walls - these all help.
Last is the issue of compensation. The big salary problem is no matter how much you pay, a competitor can pay a little bit more. So in terms of salary level itself, you simply have to be at or near your market rate.
Pay-for-performance however, can take compensation much higher while avoiding salary inflation. A system of carefully designed bonuses and incentives will enable you to pay people for exceptional production.
Equity - stock grants, options and equity-like phantom stock - is a powerful way for smaller companies to entice people at all levels. Plus, smaller companies can grant equity without the usual waiting period required by public and larger companies. (Just remember to include a forfeiture clause in case of early termination.)
What does all this mean in real terms? Some of the ideas in this article are harder to implement than others, and some describe conditions you simply can't achieve. Must you arrange for every item mentioned above? Of course not, but systematically providing your people with the challenge to be their best, the opportunity to learn, the freedom to be creative, the incentives to perform and produce, a feeling of ownership, and the respect as professionals - these are the things that will make top technical and sales people want to join your company, and have them stay.
Showing posts with label business coaching. Show all posts
Showing posts with label business coaching. Show all posts
Tuesday, November 9, 2010
Thursday, April 15, 2010
10 Ways to Earn More, Work Less, and Enjoy Your Summer
Copyright 2006 Alicia M Forest and ClientAbundance.com
If you're anything like me, you start looking forward to summer as soon as the calendar flips to a new year. Take advantage of summer's slower pace and people's more casual attitudes and plan to not only take time off but to make some money while you do!
1. Commit to your vacation time.
If you haven't already scheduled a break for this summer, stop reading this right now and do so! Even if you don't have plans to go away or if your budget is tight, I strongly encourage you to put at least a long weekend break into your calendar now - and then make sure you do anything you want for those few days - EXCEPT work. You'll come back to your business refreshed and recharged. You know you will and you know you need it.
2. Have a summer sale.
Are there some products or programs in your funnel that you could offer a summer discount on? I'd be willing to bet there's at least one. Kick off the summer season by offering your prospects a special deal on one or more of your offerings.
3. Make a special offer to your current clients and customers.
Summer's a great time to give your current clients and customers a special deal. For example, if they've already purchased something from you at the first level of your funnel, offer them a special deal for investing in an additional offering of yours, maybe at the next higher-priced level of your funnel.
So, if they've already spent $50 on one of your products, offer them a $50 discount towards another of your offerings.
4. Trim your expenses.
Are there some business-related expenses that could be put on hold for the next few months, without a negative impact to your bottom line? There are probably at least two or three things that you could eliminate for the summer, and you may find out that you can eliminate them completely come the fall.
For example, I've stopped my monthly subscription to the screen-sharing software I use because I know I won't be using it for at least the next three months. That's $150 in savings for my business!
5. Create summer hours.
Start later in the day, take a mid-day break for a few hours, or end your day earlier. Take one day a week off. Work half days. Take four-day weekends. It's your choice, but by creating summer hours, you're not only giving yourself some time to enjoy the fleeting days of warmer weather, but you'll also find that you'll be much more likely to focus only on your priorities, which means you'll actually move ahead much faster!
6. Repeat a previously profitable product.
Do you have a product that when you first launched it, it sold really well? Maybe it just needs some new life and a new promotion. Don't re-invent the wheel and simply repeat what's already worked for you in the past.
7. Republish your best articles in your newsletter.
For the summer, consider giving some of your best articles (the ones people commented on, or were reprinted most often) an encore presentation in your ezine. If you've been publishing for awhile, your readers most likely will appreciate the reminder the articles will bring, while it will be new content to your newer subscribers.
8. Declutter your office.
I simply can't think when my office falls into chaos, and I'm always amazed by how much better I feel and how much more productive I immediately become once I get rid of the clutter.
Summer is a great time to declutter and reorganize. Enlist a friend to help, or hire a professional organizer to really get you geared up for the summer (and the fall!).
9. Declutter your mind.
When you started your business, did you write down your vision for it? If you haven't, or if you haven't visited your vision in awhile if you have, the next few months are perfect for reflection, dreaming, and planning what you want the rest of your year to look like.
I'll be dreaming up mine on the dock at the lake. Where will you be dreaming up yours?
10. Plan some fun stuff.
Even if you don't have plans to travel this summer, you can still plan some really fun things to do near your home. Having something to look forward to will help you enjoy some time away from your desk while the sun is shining.
Believe me, I know how hard that can be. I love what I do, too. But one main reason we work for ourselves is so we can enjoy our lives, right?
If you're anything like me, you start looking forward to summer as soon as the calendar flips to a new year. Take advantage of summer's slower pace and people's more casual attitudes and plan to not only take time off but to make some money while you do!
1. Commit to your vacation time.
If you haven't already scheduled a break for this summer, stop reading this right now and do so! Even if you don't have plans to go away or if your budget is tight, I strongly encourage you to put at least a long weekend break into your calendar now - and then make sure you do anything you want for those few days - EXCEPT work. You'll come back to your business refreshed and recharged. You know you will and you know you need it.
2. Have a summer sale.
Are there some products or programs in your funnel that you could offer a summer discount on? I'd be willing to bet there's at least one. Kick off the summer season by offering your prospects a special deal on one or more of your offerings.
3. Make a special offer to your current clients and customers.
Summer's a great time to give your current clients and customers a special deal. For example, if they've already purchased something from you at the first level of your funnel, offer them a special deal for investing in an additional offering of yours, maybe at the next higher-priced level of your funnel.
So, if they've already spent $50 on one of your products, offer them a $50 discount towards another of your offerings.
4. Trim your expenses.
Are there some business-related expenses that could be put on hold for the next few months, without a negative impact to your bottom line? There are probably at least two or three things that you could eliminate for the summer, and you may find out that you can eliminate them completely come the fall.
For example, I've stopped my monthly subscription to the screen-sharing software I use because I know I won't be using it for at least the next three months. That's $150 in savings for my business!
5. Create summer hours.
Start later in the day, take a mid-day break for a few hours, or end your day earlier. Take one day a week off. Work half days. Take four-day weekends. It's your choice, but by creating summer hours, you're not only giving yourself some time to enjoy the fleeting days of warmer weather, but you'll also find that you'll be much more likely to focus only on your priorities, which means you'll actually move ahead much faster!
6. Repeat a previously profitable product.
Do you have a product that when you first launched it, it sold really well? Maybe it just needs some new life and a new promotion. Don't re-invent the wheel and simply repeat what's already worked for you in the past.
7. Republish your best articles in your newsletter.
For the summer, consider giving some of your best articles (the ones people commented on, or were reprinted most often) an encore presentation in your ezine. If you've been publishing for awhile, your readers most likely will appreciate the reminder the articles will bring, while it will be new content to your newer subscribers.
8. Declutter your office.
I simply can't think when my office falls into chaos, and I'm always amazed by how much better I feel and how much more productive I immediately become once I get rid of the clutter.
Summer is a great time to declutter and reorganize. Enlist a friend to help, or hire a professional organizer to really get you geared up for the summer (and the fall!).
9. Declutter your mind.
When you started your business, did you write down your vision for it? If you haven't, or if you haven't visited your vision in awhile if you have, the next few months are perfect for reflection, dreaming, and planning what you want the rest of your year to look like.
I'll be dreaming up mine on the dock at the lake. Where will you be dreaming up yours?
10. Plan some fun stuff.
Even if you don't have plans to travel this summer, you can still plan some really fun things to do near your home. Having something to look forward to will help you enjoy some time away from your desk while the sun is shining.
Believe me, I know how hard that can be. I love what I do, too. But one main reason we work for ourselves is so we can enjoy our lives, right?
Wednesday, March 31, 2010
9 Ways to Increase Business Profits Quickly and Easily
Many business owners who operate a business want as many clients as possible, both those who have just started their business and those who have owned one for a long time. They are, however, not fully utilizing all of their assets as they could be in order to achieve their desired results.
The objective of increasing business profits isn’t only met by attracting more clients. There are several other reasons why a business doesn't make as much money as it should besides not having enough clients.
Here are a few simple, yet effective business coaching ideas that will help you unlock the hidden profits in business and also some reasons why things aren't operating at full potential as they should:
- Focus more time on the important matters - you may not have enough time available to boost your business, especially if you are the one who is serving clients on a regular basis. In this case, you should consider hiring somebody to help. Running a business takes a lot of work, so let the employees handle the day-to-day issues, while you take care of the important ones such as developing strategies for present and future growth. Set aside an hour each week to brainstorm ideas, implement strategies and nurture key business relationships.
- Carry out competitive intelligence on other businesses, especially the ones that are successful and emulate them. This doesn’t mean copying whatever they do. Take the best parts of your competitor’s business and apply them to your own. It is also very important to keep a close eye on the competition, regardless of the nature of your business. If you are running a restaurant, for example, you should inspect the services, the offers and the prices of the competition. By doing a little research on other businesses, you will be able to reorganize, improve your services, adjust the prices depending on the competition, as well as introduce new offers to your clients. By knowing what your competitors are up to, you will always be one step ahead of them.
- Spend less of your gross profit on overhead and ineffective marketing. Lease unused space in your office or warehouse. Track sales as a result of expense. Employ salespeople on a higher commission scale rather than a high base salary. Test and measure for effective marketing campaigns before dumping a ton of money on any marketing campaign that is doomed to fail from the start.
- Instead of competing on price, develop an ultimate strategic advantage™. Emphasize the qualities that make your business stand out and create a whole new positioning in the industry. Find out what really matters to your clients by surveying them and give it to them.
- Talk with clients and find out if they are delighted or not. Ask for suggestions. Dissatisfied customers will not return, while a delighted client will refer others.
- Nurture existing clients. Instead of focusing on acquiring new customers, concentrate on nurturing and maintaining the clients that you already have! Make sure they are pleased with the services you provide for them and pay attention to their needs, desires and complaints. It is very important to establish and maintain good relations with your clients, as they are the ones who keep your business running.
Many business coaching companies encourage selling more to existing clients because it improves a business bottom line by increasing the lifetime value of a client. It also brings new clients, attracted by positive experiences from your delighted clients. Referrals lower your acquisition cost through word-of-mouth marketing and this also adds to business profits.
- Up sell other products/services. Selling extras is known to be a great method of increasing profits. For example, grocery stores strategically place many magazines and snacks near the checkout. People browse and buy these while waiting in line raising the average dollar sale with these extras. McDonald’s is well-known for its up sell before a sale is completed by simply asking a simple question to add on more products (complete meal, fries, sundae, or apple pie).
- Increase your advertising - advertising is expensive but if things work well, the money will definitely return to you. You can also try to make the best use you can out of free advertising. Get the most out of promotions and limited offers, especially around holidays.
- Seek out business coaching advice. Having a comprehensive set of business strategies can help you further, by providing you with new efficient methods of increasing the profits of your business. To operate a business effectively long-term, most businesses will have to deploy several strategies in order to diversify their sources of leads and maximize their profitability through smart marketing, team building, and business process management.
The objective of increasing business profits isn’t only met by attracting more clients. There are several other reasons why a business doesn't make as much money as it should besides not having enough clients.
Here are a few simple, yet effective business coaching ideas that will help you unlock the hidden profits in business and also some reasons why things aren't operating at full potential as they should:
- Focus more time on the important matters - you may not have enough time available to boost your business, especially if you are the one who is serving clients on a regular basis. In this case, you should consider hiring somebody to help. Running a business takes a lot of work, so let the employees handle the day-to-day issues, while you take care of the important ones such as developing strategies for present and future growth. Set aside an hour each week to brainstorm ideas, implement strategies and nurture key business relationships.
- Carry out competitive intelligence on other businesses, especially the ones that are successful and emulate them. This doesn’t mean copying whatever they do. Take the best parts of your competitor’s business and apply them to your own. It is also very important to keep a close eye on the competition, regardless of the nature of your business. If you are running a restaurant, for example, you should inspect the services, the offers and the prices of the competition. By doing a little research on other businesses, you will be able to reorganize, improve your services, adjust the prices depending on the competition, as well as introduce new offers to your clients. By knowing what your competitors are up to, you will always be one step ahead of them.
- Spend less of your gross profit on overhead and ineffective marketing. Lease unused space in your office or warehouse. Track sales as a result of expense. Employ salespeople on a higher commission scale rather than a high base salary. Test and measure for effective marketing campaigns before dumping a ton of money on any marketing campaign that is doomed to fail from the start.
- Instead of competing on price, develop an ultimate strategic advantage™. Emphasize the qualities that make your business stand out and create a whole new positioning in the industry. Find out what really matters to your clients by surveying them and give it to them.
- Talk with clients and find out if they are delighted or not. Ask for suggestions. Dissatisfied customers will not return, while a delighted client will refer others.
- Nurture existing clients. Instead of focusing on acquiring new customers, concentrate on nurturing and maintaining the clients that you already have! Make sure they are pleased with the services you provide for them and pay attention to their needs, desires and complaints. It is very important to establish and maintain good relations with your clients, as they are the ones who keep your business running.
Many business coaching companies encourage selling more to existing clients because it improves a business bottom line by increasing the lifetime value of a client. It also brings new clients, attracted by positive experiences from your delighted clients. Referrals lower your acquisition cost through word-of-mouth marketing and this also adds to business profits.
- Up sell other products/services. Selling extras is known to be a great method of increasing profits. For example, grocery stores strategically place many magazines and snacks near the checkout. People browse and buy these while waiting in line raising the average dollar sale with these extras. McDonald’s is well-known for its up sell before a sale is completed by simply asking a simple question to add on more products (complete meal, fries, sundae, or apple pie).
- Increase your advertising - advertising is expensive but if things work well, the money will definitely return to you. You can also try to make the best use you can out of free advertising. Get the most out of promotions and limited offers, especially around holidays.
- Seek out business coaching advice. Having a comprehensive set of business strategies can help you further, by providing you with new efficient methods of increasing the profits of your business. To operate a business effectively long-term, most businesses will have to deploy several strategies in order to diversify their sources of leads and maximize their profitability through smart marketing, team building, and business process management.
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